Now, what are smart contracts?

A smart contract is a self-executing contract with the terms of the agreement written directly into lines of code. The code and the agreements contained therein exist over a decentralized network and exist as a shared digital infrastructure, enforced by the network of computers that run the blockchain.

An example of a smart contract could be a simple agreement between two parties to buy and sell a piece of property. The contract could be set up with the following terms:

• The buyer will transfer X amount of cryptocurrency to the seller’s digital wallet
• The seller will transfer the title of the property to the buyer
• The transaction will only be completed and the cryptocurrency will be released to the seller once the title has been verified by a neutral third party and transferred to the buyer’s name.

Once the terms are coded in, the smart contract would exist on the blockchain, and it would be executed automatically when the conditions are met. In this case, the buyer transferred the cryptocurrency, the title of the property was transferred to the buyer, and a neutral third party verified the transfer, the smart contract would automatically release the cryptocurrency to the seller’s digital wallet. This process is secure, and transparent and eliminates the need for intermediaries, reducing the risk of fraud and increasing the efficiency of the transaction.

Here’s an example of a smart contract for the above written in solidity, one of the programming languages smart contracts can be written in.

pragma solidity ^0.8.0;

contract PropertySale {
    address payable public seller;
    address payable public buyer;
    uint256 public price;
    string public propertyTitle;
    bool public isVerified;
    bool public isComplete;

    constructor(address payable _seller, address payable _buyer, uint256 _price, string memory _propertyTitle) public {
        seller = _seller;
        buyer = _buyer;
        price = _price;
        propertyTitle = _propertyTitle;
        isComplete = false;
        isVerified = false;
    }

    event LogPurchase(address indexed buyer, address indexed seller, uint256 price);

    function verifyTitle() public {
        require(msg.sender == seller);
        isVerified = true;
    }

    function complete() public {
        require(isVerified);
        require(msg.sender == buyer);
        require(msg.value == price);
        seller.transfer(price);
        isComplete = true;
        emit LogPurchase(buyer, seller, price);
    }
}

Supply Chain Management

One of the most promising use cases for smart contracts is in supply chain management. Smart contracts can be used to automate the tracking of goods and materials as they move through the supply chain. For example, a smart contract can be set up to automatically release payment to a supplier once a shipment of goods has been verified as delivered. This can help to reduce the risk of fraud and increase transparency in the supply chain.

Example: Walmart has partnered with IBM to use smart contracts to improve traceability in its food supply chain. The system tracks food from farm to store using RFID technology, and smart contracts are used to automatically verify that products have been handled properly and are safe for consumption.

Real Estate

Another area where smart contracts are being used is in the real estate industry. Smart contracts can be used to automate the buying and selling of property, as well as the management of rental agreements. For example, a smart contract can be set up to automatically release payment to a landlord once a tenant has been verified as having moved into a rental property. This can help to reduce the risk of fraud and increase transparency in the real estate market.

Example: The city of South Burlington, Vermont, USA is using smart contracts to automate the property transfer process and eliminate the need for intermediaries. This not only speeds up the process but also saves on costs.

Healthcare

Smart contracts are also being used in the healthcare industry to improve patient care and streamline administrative processes. For example, a smart contract can be used to automatically release medical records to a healthcare provider once a patient has been verified as having given their consent. This can help to increase patient privacy and security. Smart contracts can also be used to automate the tracking of medical equipment and supplies, helping to ensure that the right equipment is in the right place at the right time.

Example: The Medicalchain is using smart contracts to securely store and share patient data across different healthcare providers, with the patient’s consent. This allows for a more coordinated and efficient approach to patient care.

Banking and Finance

Smart contracts are being used in the banking and finance industry to automate financial transactions and reduce the need for intermediaries. For example, a smart contract can be set up to automatically release payment to a borrower once a loan has been verified as being repaid. This can help to reduce the risk of fraud and increase transparency in the financial market.

Example: The Australian Securities Exchange (ASX) has announced it will replace its current clearing and settlement system with a blockchain-based platform that uses smart contracts to automate the process. This can reduce the settlement time and save on costs.

Insurance

Smart contracts are also being used in the insurance industry to automate the claims process and reduce the need for intermediaries. For example, a smart contract can be set up to automatically release payment to policyholders once a claim has been verified as being valid. This can help to increase efficiency and reduce the risk of fraud in the insurance industry.

Example: The startup firm Aigang Network is using smart contracts to automate the process of buying, managing, and claiming insurance for IoT devices. This allows for a more efficient and transparent process for both the policyholder and the insurer.

Voting

Smart contracts can be used in voting systems to increase transparency and reduce the risk of fraud. For example, a smart contract can be set up to automatically verify voter identities and ensure that each voter can only vote once. This can help to increase the integrity of the voting process.

Example: The West Virginia Secretary of State’s office developed a mobile voting platform that uses blockchain technology and smart contracts to enable military personnel to vote securely via a mobile app during the 2018 U.S. midterm elections. This allows for a more accessible and secure voting process.

Energy and Utilities

Smart contracts can be used in the energy and utilities industry to automate the management and distribution of energy resources. For example, a smart contract can be set up to automatically release payment to a renewable energy producer once their energy has been verified as being delivered to the grid. This can help to increase the efficiency and transparency of the energy market.

Example: LO3 Energy is using smart contracts to enable the trading of locally produced solar energy within neighborhoods. This allows for a more decentralized and efficient energy market, where energy producers and consumers can directly transact with each other. The platform also uses smart meters to track energy usage and automatically execute the smart contract for energy transactions.

Conclusion

Smart contracts have the potential to revolutionize a wide range of industries, from supply chain management to healthcare. By automating processes and increasing transparency, smart contracts can help to reduce costs, improve efficiency, and increase security. As the technology behind smart contracts continues to evolve, we can expect to see more and more innovative use cases emerge in the coming years.

Blockchain technology, distributed ledgers, and non-fungible tokens (NFTs) are transforming our world, and we will continue to see advances in this technology in 2022. These innovations go beyond Bitcoin to things like smart contracts that allow us to verify ownership with NFTs. This year, we will see more companies and individuals enhancing physical objects with blockchain technology and tokens.

3D Printing

We can now make things with 3D printing that we would never have dreamed of a decade ago. In 2022, we’ll see transformations in manufacturing and beyond, from 3D printing technological innovations, including mass-produced customized pieces, concrete for houses, printed food, metal, and composite materials.

Genomics

The 2020 Nobel Prize in Chemistry was awarded to two scientists, Emmanuelle Charpentier and Jennifer A. Doudna, for their work developing a method for genome editing. Genomics, gene editing, and synthetic biology are a top trend in 2022 because these advancements can help us modify crops, cure and eradicate diseases, and develop new vaccines like the COVID-19 shot, and other medical and biological breakthroughs.

Nanotechnology will also allow us to give materials new attributes by manipulating them on a subatomic level, so we can create things like bendable screens, better batteries, water-repellent, self-cleaning fabrics, and even self-repairing paint this year.

Datafication

Data is a key enabler for all of these trends. All of the digitization in our world today means we have enormous amounts of data available, and data has now become the number one business asset for every organization. We can use data to better understand our customers, research key trends, and get insight into what’s working inside our organizations.

Data Fabric

Data fabric provides flexible, resilient integration of data sources across platforms and business users, making data available everywhere it’s needed regardless of where the data lives.

Data fabric can use analytics to learn and actively recommend where data should be used and changed. This can reduce data management efforts by up to 70%.

Cybersecurity Mesh

Cybersecurity mesh is a flexible, composable architecture that integrates widely distributed and disparate security services.

Cybersecurity mesh enables best-of-breed, stand-alone security solutions to work together to improve overall security while moving control points closer to the assets they’re designed to protect. It can quickly and reliably verify identity, context, and policy adherence across cloud and non-cloud environments.

Decision Intelligence

Decision intelligence is a practical approach to improving organizational decision-making. It models each decision as a set of processes, using intelligence and analytics to inform, learn from and refine decisions.

Decision intelligence can support and enhance human decision-making and, potentially, automate it through the use of augmented analytics, simulations, and AI.

Hyperautomation

Hyperautomation is a disciplined, business-driven approach to rapidly identify, vet, and automate as many business and IT processes as possible.

Hyperautomation enables scalability, remote operation, and business model disruption.

Tip 1: Never share your location

It’s so easy these days for kidnappers to find you and know a lot about you. Be careful not to mention where you live online as this can help bad guys find and kidnap you or even break into your house and steal all your belongings. Yes, I understand the pressure to post online but don’t do it. Extra tip: Use more than one way home. Don’t always follow the same route home. One must act as if they are being watched by attackers, thieves, and kidnappers all the time. Learn the skill of Situational Awareness. It will save your life. Become the grey man. I’ll post an article about this later in the course of the month.

Tip 2: Never share your telephone number with anyone you meet online

Unless of course, you’ve met the person. There are so many sex offenders and nut cases online. If you are not careful you could easily fall into a trap and end up bullied or worse sexually abused. Extra tip: If you are meeting someone you’ve met before, always choose a crowded area, never disclose how you look and what you are wearing, first carefully analyze them from afar before finally meeting. Never agree to go to someplace quieter or less crowded unless you are sure, and even in these cases, maintain situational awareness and stay alert for any movements that the person you are meeting is making.

Tip 3: Avoid oversharing

The modern era is plagued with this. Everyone is trying to show everyone else what they have. Please note that thieves are also viewing your possessions and plotting.

Avoid oversharing.

Tip 4: Comb through your emails carefully

Nowadays someone with ill intentions is one website away from sending you a phishing email that will encourage you to do something that might expose your bank accounts, passwords, location, and more. Never provide these unless you are sure. Tripple check emails!

Tip 5: Never share personal data with anyone

In this day and age, we count on other people to do some tedious tasks for us. A common example is filling KRA tax returns(Kenyans) be careful not to give your attendant personal details.

Tip 6: Avoid capturing sensitive videos and images

We can’t even trust our phones. Apps spy. Phone companies spy. Internet Providers spy. Be very careful not to capture nude pictures or videos. Otherwise, you may end up in a “leak”. Think about how these “leaks” happen. Don’t take inappropriate photos of yourself. Don’t send them unless you are begging for them to be leaked!

Tip 7: Avoid creating stupidly weak passwords

This one is annoying. Keep off passwords such as 1234567, password, admin, “your name”, “your id/social security number”, “your date of birth” and the likes, I’ve posted a list of such passwords. I’ll post the latest version after this post.

Tip 8: Avoid sharing devices

This is a no-brainer. If you share ensure private sensitive documents are locked

Tip 9: Change passwords regularly

I’d recommend once every 6 months. But if you are meticulous, once every 3 months will do. I recommend you use a password manager. My favorite is Bitwarden. Go check it out. Extra tip: Don’t use the same password multiple times

Tip 10: Use the right software

Listen, I get it, I get it. Pirated software is free and cool but you need to realize that there’s nothing free in this world except oxygen. And even that is slowly becoming paid. If there’s no other way, fine. Use it but remember not to blame people for your own faults when your computer becomes infected, locked, or unable to start.

Extra tip: Always check the URL of the site you are visiting or submitting any information. Ensure there’s a padlock or that the URL starts with HTTPS://. I’d recommend you install HTTPS Always Extention.

For more info, feel free to email me: alunje73@gmail.com. I’m offering an affordable consultation and will help you avoid data leaks and more.