Chinese Report Says Smart Contracts Are the Most Revolutionary Form of Blockchain Application

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A new report on blockchain technological applications from the Evergrande Research Institute (恒大研究院) highlights smart contracts as the one area which is likely to have the greatest application potential.

“Smart contracts are potentially the most revolutionary application of the blockchain,” said the report released by Evergrande Research Institute on 11 May.

“If smart contracts achieve widespread usage on the blockchain, the economic division of labour will see further refinement in the Internet era.

“All the network nodes on a global scale will achieve direct match of demand and production, and achieve broader social coordination.

“If this scenario is achieved, the integration of blockchain technology and industry will achieve a ‘from 1 to N’ moment of explosiveness, and this explosion could non-linear instead of linear.

“Blockchain could also potentially upgrade from a ‘trust device’ to a key ‘engine’ that drives an industrial wave.”

On 25 April China launched its Blockchain Services Network (BSN), which is the world’s largest blockchain ecosystem, already encompassing around one hundred city nodes.

Ac­cord­ing to an­a­lysts it will serve as the back­bone in­fra­struc­ture for achieve mas­sive in­ter­con­nec­tiv­ity across China, as well as with Chi­na’s trade part­ners around the world via the Dig­i­tal Silk Road. 

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