Olivier Rikken is manager, public speaker and thought leader on digital disruption, blockchain and business process management at Axveco, a boutique consultancy firm headquartered in Amsterdam.
In this CoinDesk opinion article, Rikken outlines three common mistakes newcomers make when seeking to leverage blockchain-based smart contract technology.
One of the most promising developments in blockchain is the idea of smart contracts.
First detailed by cryptographer Nick Szabo in his 1994 paper “Smart Contracts”, Szabo describes the concept as “a computerized transaction protocol that executes the terms of a contract”. Today, the rise of the ethereum blockchain facilitates the easy development and deployment of this concept in a public environment.
Yet, this has led to a cloud of confusion around smart contracts. (For those less familiar with smart contracts, this article provides a nice introduction).
But before we dive in, I’d like to state that I believe the number of possibility and use cases for smart contracts are huge and can create real game changers across various industries. However, working with various companies on possibilities, I noticed that many are still struggling to understand what smart contracts really are, how they work and what they can do.
Here are the three issues that I encounter most:
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