Connect with us

Published

on

Table of Contents

This is written by an external blogger, the views and opinions expressed within the post belong solely to the author

One of the most talked about topics to come out of the surge in popularity of DeFi is Smart Contracts, but not a lot of people really understand what they are and what they can mean for us. In this article, we aim to explain exactly what smart contracts are, and what the technology is capable of doing. 

The term was first coined by the computer scientist Nick Szabo in his paper titled ‘Smart Contracts: Building Blocks for Digital Markets’ published in 1994. Yes, 27 years ago. In 1996, Szabo described smart contracts as “a set of promises, specified in digital form, including protocols within which the parties perform on these promises.” While the technology available to support smart contracts has evolved considerably since then, in essence, that’s what smart contracts are and do. Let’s explore what that definition means for us in the real world.

The significance of contracts in our current systems

In terms of contract law, a contract is a promise or performance given in exchange for a promise or performance. In simple terms, it is situations like “I will give you 10,000 rupees if you deliver the mobile phone I want to my house”, or “I will deliver the mobile phone you want to your house if you give me 10,000 rupees”. One is a promise in exchange for performing an act, and the other is the performance of an act in exchange for a promise. 

These types of exchanges are absolutely everywhere in our current systems. If you pay rent, you have a contract. If you have an internet connection at home, it’s a contract. Same with nearly every transaction that we take part in. They serve as a record for commitment from both parties, help prevent conflicts and mitigate risks, and are a foundation stone for our civilisation as we know it today. These agreements are what allow us to work collectively towards achieving all the great things that humanity has achieved. 

Contracts can be written or verbal, however, they are only meaningful if there is a way to enforce them, or prevent someone from breaking their promise. That job is done by our legal systems in the form of all of the provisions we have in case someone breaches a contract. So in that sense, a traditional contract is between three parties, the promisor, the promisee, and the state. 

These systems still come with their fair share of problems, however. Cost, the amount of time it takes, enforcement, transparency, and conflict of interest are some of the areas where there’s a big potential for improvement.

How smart contracts can change the way we look at these agreements

Smart contracts use programming and computer code to automatically execute the agreement when the given conditions are met, without the need for human intervention. Normally, while executing agreements involving various stakeholders, a third party (like a lawyer) would be needed to scrutinize and verify all the information making it a complex and time-consuming process. Smart contracts simplify it by eliminating the third party and automating the process, enabling stakeholders to transact with each other directly. This improves the cost and time efficiency of our current systems to a great extent.

Some contracts also have a conflict of interest between the promisee and the promisor. Taking the example of insurance, the interests of a for-profit insurance company are the opposite of the interests of the insured. The company has all the motivation to not follow through to the contract and the insured has to trust the company to follow through with their promise. Smart contracts automate the process of following through once the pre-decided conditions are met. Since smart contracts are built on blockchain and cannot be edited once they’re deployed, they are transparent and public. 

People in some countries with highly developed legal systems can almost take the enforcement aspect of contracts for granted. However, in other developing countries, the ground reality is different. The legal systems are overburdened, understaffed, and are generally less robust. In some cases, like in the case of health insurance, the time it takes to obtain legal recourse could prove to be fatal. Smart contracts can automate a lot of the excessive work of the legal system while still following the laws of the land, reducing a huge amount of burden and ensuring many more people can get justice.

Other use cases for smart contracts

Future use cases for smart contracts are only limited by our imagination. From making a common enforcement infrastructure for an individual in Kenya transacting with an individual in Canada, to automating basic everyday transactions and agreements. The most commonly given example for a smart contract system that exists right now is a vending machine. It automates the process of buying an item while eliminating the middleman, or a shopkeeper. Some other cases where smart contracts can improve our systems with existing technology are – 

Banking and financial services – trust is paramount in traditional banking and financial services, and the sector is riddled with intermediaries whose interests do not always align with those of the customers. Numerous examples can be given for this, but the great rise in popularity of decentralized finance, or DeFi, proves that people see value in trustless financial services. 

Digital identity – in the increasingly digitised world that we live in today, digital identity misuse and theft is a very real problem. Companies like Google, Facebook, Amazon, etc have an incredible amount of data on their users, which the users have to trust the companies not to misuse. Leaks and hacks still happen though, like the recent massive data leak from Facebook that affected over 500 million people. Smart contracts would enable people to own and control their personal data, and reduce the liability for companies that have to safeguard massive amounts of data.

Supply chain management – most companies in our globalized world have extremely complicated, multi-party supply chains. Companies also find it challenging to keep their supply chains proprietary since so many parties are involved. Using smart contracts to simplify supply chains and using Internet of Things devices to provide greater visibility and security for supply chains is one of the most anticipated use cases. 

Healthcare – Better data sharing between healthcare providers means a higher probability of accurate diagnoses, more effective treatments, and the overall increased ability of healthcare organizations to deliver cost-effective care. Smart contracts can allow various stakeholders in the healthcare value-chain to share access to their networks without compromising data security and integrity, by allowing them to track data provenance as well as any changes made.

Not every day does new technology come along that has the potential to change not one or two industries, but to change the entire way we conduct business in our society. Only time can tell whether the potential would be realised or not, but till then, it’s best to get ourselves up to speed with the new developments.

About Guest Blogger (Parv)

Parv is a blockchain and cryptocurrency researcher, trader, and consultant with years of experience within the industry. When he isn’t occupied with crypto, he enjoys reading, traveling the world, and meeting new people. Check out his blog posts here

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Technology

iOS 14.7.1 now available with fix for Apple Watch unlock bug

Published

on

Apple rolled out iOS 14.7.1 to the public on Monday — exactly one week after iOS 14.7 debuted. This is a minor update that addresses a bug that was introduced in iOS 14.7. As Apple noted, iOS 14.7 “affects the ability of iPhone models with Touch ID to unlock Apple Watch.” Once the update has been applied, this issue should be resolved, and everything should unlock correctly.

Today’s Top Deal Super-popular TP-Link Kasa mini Alexa smart plugs just hit a new all-time low price of $6 each! List Price:$26.99 Price:$23.99 You Save:$3.00 (11%) Buy Now Available from Amazon, BGR may receive a commission Available from Amazon BGR may receive a commission

Which devices work with iOS 14.7.1?

If you’re wondering whether or not your device is compatible with iOS 14.7.1 or iPadOS 14.7.1, here’s a full list below with every compatible device. If your device is there, you’re good to go:

  • iPhone 12
  • iPhone 12 mini
  • iPhone 12 Pro
  • iPhone 12 Pro Max
  • iPhone 11
  • iPhone 11 Pro
  • iPhone 11 Pro Max
  • iPhone XS
  • iPhone XS Max
  • iPhone XR
  • iPhone X
  • iPhone 8
  • iPhone 8 Plus
  • iPhone 7
  • iPhone 7 Plus
  • iPhone 6s
  • iPhone 6s Plus
  • iPhone SE (1st generation)
  • iPhone SE (2nd generation)
  • iPod touch (7th generation)
  • iPad Pro 12.9-inch (4th generation)
  • iPad Pro 11-inch (2nd generation)
  • iPad Pro 12.9-inch (3rd generation)
  • iPad Pro 11-inch (1st generation)
  • iPad Pro 12.9-inch (2nd generation)
  • iPad Pro 12.9-inch (1st generation)
  • iPad Pro 10.5-inch
  • iPad Pro 9.7-inch
  • iPad (7th generation)
  • iPad (6th generation)
  • iPad (5th generation)
  • iPad mini (5th generation)
  • iPad mini 4
  • iPad Air (3rd generation)
  • iPad Air 2

Here is Apple’s full list of release notes for iOS 14.7:

  • MagSafe Battery Pack support for iPhone 12, iPhone 12 mini, iPhone 12 Pro and iPhone 12 Pro Max
  • Apple Card Family adds the option to combine credit limits and share one co-owned account with an existing Apple Card user
  • Home app adds the ability to manage timers on HomePod
  • Air quality information is now available in Weather and Maps for Canada, France, Italy, Netherlands, South Korea, and Spain
  • Podcasts library allows you to choose to see all shows or only followed shows
  • Share playlist menu option missing in Apple Music
  • Dolby Atmos and Apple Music lossless audio playback may unexpectedly stop
  • Battery service message that may have disappeared after reboot on some iPhone 11 models is restored
  • Braille displays could show invalid information while composing Mail messages

How to download and install iOS 14.7.1

Installing a new update on your iPhone, iPad, or iPod touch is an incredibly simple process. Navigate to Settings > General > Software Update and then tap “Download and Install” at the bottom of that page. If you prefer, you can also install the update through iTunes by connecting your iOS device to a computer. Whichever method you choose, just make sure to back up your device before installing an update so that you don’t risk losing any of your data during the procedure.

Today’s Top Deal Control your garage door from anywhere with your smartphone or Alexa! List Price:$29.98 Price:$22.50 You Save:$7.48 (25%) Buy Now Available from Amazon, BGR may receive a commission Available from Amazon BGR may receive a commission

Continue Reading

Technology

This pro-grade 4K camera drone is $430 at Amazon, and it beats $800+ rivals

Published

on

If you purchase an independently reviewed product or service through a link on
our website, we may receive an affiliate commission.

Do you want a professional-grade quadcopter drone from a big-name brand? Sadly, it can easily set you back $1,000 or even more. At best, you’re going to spend $800 if you want decent features and a 3-axis gimbal. That’s one of several reasons why we’re such big fans of the Potensic Dreamer Pro. It’s a relatively new model from a popular brand with a 4K camera and a 3-axis gimbal. Plus, it can easily go toe-to-toe with drones in the $800-$1,000+ range. But instead of having to pay $1,000 or more, this quadcopter retails for a fraction of that sky-high price.

That’s especially true right now, thanks to a surprisingly good deal you can take advantage of for a limited time. Amazon has a coupon you can clip today that will slash the Dreamer Pro from $460 to $429.99. That’s about half what you’ll pay for a comparable drone from the top brand in the quadcopter market. How awesome is that?!

Anyone who knows anything at all about drones can probably name the go-to pro-grade quadcopter drone for amateurs and professionals on a budget. You also know that it costs $800 minimum. It’s a high-quality quadcopter with pretty much all the key features you need. That includes a 4K camera that captures stunning video. Plus, you get a 3-axis gimbal that stabilizes video and still images captured during flight. On top of that, intelligent software and flight features round out the experience.

It should go without saying that not everyone has an extra $800 lying around. Especially not that they’re willing to spend on a drone, no matter how great it is. If you’re looking for a terrific alternative that checks all the same main boxes for much less money, you’ve definitely come to the right place.

Potensic’s Dreamer Pro offers professional-grade quality and features at a fraction of what you’d pay for a comparable model from other companies. You get 28 minutes of flight time per charge, plus a stunning 4K camera with a high-quality Sony sensor. Additionally, you’ll get a 3-axis gimbal for outstanding video and image stabilization. On top of all that, the Dreamer Pro is packed full of smart features that will help with any content you might be shooting. One example is a “follow me” mode that tracks moving objects and people. There’s also a circle mode that flies in a perfect circle around any center point. Path mode lets you draw out a flight pattern the drone will fly on its own. Also, this drone has an impressive 2-kilometer transmission range and so much more.

This excellent Potensic drone is absolutely on par with the market leader and other quadcopters that fall into the $800 – $1,200 price range, yet the Potensic Dreamer Pro 4K camera drone with 3-axis gimbal retails for just $460. That’s about half the price of comparable models from leading brands. Head over to Amazon and pick one up now, however, and you can save an extra $30 thanks to the clippable coupon. You definitely don’t want to miss out on this great deal.

Potensic Dreamer Pro 4K camera drone with 3-axis gimbal Price:$429.99 Buy Now Available from Amazon, BGR may receive a commission

Here are the main takeaways you need to know about:

  • The 4K camera with a 1/3-inch SONY CMOS sensor and the 3-axis gimbal combine capture stunning video that is stable and free from shakes and jitters
  • Capture and record aerial footage or stream live to your smartphone with a transmission range of up to 1.24 miles
  • Potensic’s exclusive PowerAC dynamic system creates bursts of 3x power that are great for tricks
  • Advanced stabilization system makes it easy to fly smoothly in still conditions or with a light breeze
  • Includes a 32GB SD card and a special carrying case

Potensic Dreamer Pro 4K camera drone with 3-axis gimbal Price:$429.99 Buy Now Available from Amazon, BGR may receive a commission

Go here to see this month’s best deals on Amazon!


Follow @BGRDeals on Twitter to keep up with the latest and greatest deals we find around the web. Prices subject to change without notice and any coupons mentioned above may be available in limited supply.

Continue Reading

Technology

This stimulus program gets you up to $25,000, but no one seems to know about it

Published

on

One of many extraordinary steps the federal government took to combat the coronavirus pandemic, in addition to approving billions of dollars in direct cash payments to Americans, was a temporary ban on the eviction of renters. Additionally, more than one emergency coronavirus relief bill passed by Congress included billions in stimulus rental assistance. Unfortunately, though, there’s evidence that enough Americans still don’t seem to be aware of that fact.

For example, both the stimulus bill that President Biden signed in March and the one President Trump signed in December set aside a total of $46.6 billion in emergency rental assistance stimulus aid. However, a mere $1.5 billion of that was reportedly paid out in June. The stimulus checks certainly have sky-high awareness among members of the public. But let’s take a closer look at this effort which too few people still seem to know about.

Today’s Top Deal Amazon’s Fire TV Stick 4K just got a surprise 20% discount! List Price:$49.99 Price:$39.99 You Save:$10.00 (20%) Buy Now Available from Amazon, BGR may receive a commission Available from Amazon BGR may receive a commission

Stimulus rental assistance

First, we should note that the national ban on evictions is set to end on July 31. Meaning, they can resume as normal after that.

The National Low Income Housing Coalition maintains a list of a few hundred rental assistance programs around the country that can help get a chunk of the federal rental assistance stimulus money to people who need it. Generally, you have to be a renter who’s having a hard time paying your rent and/or your utility bills because of the pandemic. Perhaps, for example, the pandemic caused you to lose your job.

The way this funding is supposed to work is that it’s distributed to people in need by over 400 local and state agencies. The problem, however, is that while the problem may be uniform, the response isn’t. For example, all of those agencies in charge of parceling out the stimulus rental assistance have different technology. Many of them also have different staffing levels.

And it’s not clear who ought to be doing a better job of alerting renters to the aid that’s available. Although, what is clear is that someone needs to do so. Because it’s not happening really at all at the moment. Per the Census Bureau, around 7 million households were behind on their rent as of late May. But between April and June, only 550,000 people had received any of this stimulus rental aid.

Additional details

“There is still much further work to do to ensure tenants and landlords take advantage of the historic funding available to help cover rent, utilities, and other housing costs and keep people in their homes,” the US Treasury department said in a recent news release.

Here are some examples of the kind of stimulus rental assistance that’s available. Be aware that things are pretty different from one state to the next. And your local or state housing agency should be consulted from benefits that apply in your area. In Illinois, the state’s Housing Developing Authority is overseeing the administration of $1.5 billion in rental assistance. There, tenants and landlords can apply for grants of up to $25,000 to cover as many as 15 months of rent payments between June of last year through August of this year.

Texas, meanwhile, has been offering help with unpaid rent and utilities going as far back as March 13, 2020. Use the National Low Income Housing Coalition’s website to start a search for the housing authority nearest you. That’s where you’ll apply for this funding.

Today’s Top Deal Behold: Apple AirPods Pro just hit Amazon’s lowest price of 2021! List Price:$249.00 Price:$189.99 You Save:$59.01 (24%) Buy Now Available from Amazon, BGR may receive a commission Available from Amazon BGR may receive a commission

Continue Reading

Trending

  • bitcoinBitcoin (BTC) $ 37,507.00
  • ethereumEthereum (ETH) $ 2,235.51
  • tetherTether (USDT) $ 1.00
  • binance-coinBinance Coin (BNB) $ 306.47
  • cardanoCardano (ADA) $ 1.26
  • xrpXRP (XRP) $ 0.628493
  • usd-coinUSD Coin (USDC) $ 1.00
  • dogecoinDogecoin (DOGE) $ 0.206507
  • polkadotPolkadot (DOT) $ 14.08
  • binance-usdBinance USD (BUSD) $ 0.999731
  • uniswapUniswap (UNI) $ 18.67
  • bitcoin-cashBitcoin Cash (BCH) $ 482.38
  • litecoinLitecoin (LTC) $ 131.31
  • chainlinkChainlink (LINK) $ 18.26
  • solanaSolana (SOL) $ 28.41
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 37,406.00
  • matic-networkPolygon (MATIC) $ 1.01
  • ethereum-classicEthereum Classic (ETC) $ 48.63
  • stellarStellar (XLM) $ 0.261110
  • theta-tokenTheta Network (THETA) $ 5.63
  • internet-computerInternet Computer (ICP) $ 40.52
  • daiDai (DAI) $ 1.00
  • vechainVeChain (VET) $ 0.078426
  • compound-usd-coincUSDC (CUSDC) $ 0.022074
  • filecoinFilecoin (FIL) $ 49.34
  • cdaicDAI (CDAI) $ 0.021540
  • tronTRON (TRX) $ 0.058882
  • okbOKB (OKB) $ 16.10
  • moneroMonero (XMR) $ 221.92
  • aaveAave (AAVE) $ 304.95
  • terra-lunaTerra (LUNA) $ 8.64
  • eosEOS (EOS) $ 3.70
  • compound-ethercETH (CETH) $ 44.73
  • amp-tokenAmp (AMP) $ 0.066460
  • cosmosCosmos (ATOM) $ 11.49
  • ftx-tokenFTX Token (FTT) $ 29.60
  • shiba-inuShiba Inu (SHIB) $ 0.000006
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.118258
  • pancakeswap-tokenPancakeSwap (CAKE) $ 14.40
  • algorandAlgorand (ALGO) $ 0.856654
  • leo-tokenLEO Token (LEO) $ 2.77
  • celsius-degree-tokenCelsius Network (CEL) $ 5.99
  • klay-tokenKlaytn (KLAY) $ 1.01
  • bitcoin-svBitcoin SV (BSV) $ 130.55
  • tezosTezos (XTZ) $ 2.84
  • makerMaker (MKR) $ 2,600.97
  • neoNEO (NEO) $ 32.53
  • compound-governance-tokenCompound (COMP) $ 393.22
  • axie-infinityAxie Infinity (AXS) $ 38.23
  • iotaIOTA (MIOTA) $ 0.747869
error: Content is protected !!