NEW YORK, NY--(Marketwired - Dec 6, 2016) - The Chamber of Digital Commerce published "Smart Contracts: 12 Use Cases for Business & Beyond" at its Smart Contracts Symposium. The inaugural event took place yesterday at the Microsoft Technology Center in Times Square, New York. The white paper was developed by the Smart Contracts Alliance, a working group of the Chamber of Digital Commerce, in collaboration with Deloitte, which is leading blockchain innovation as the world's largest professional services firm. Smart contracts are a digital, self-executing means of transferring assets or conducting actions based on rules developed utilizing blockchain technology.
In the white paper's foreword, smart contracts pioneer, Nick Szabo, who provided the keynote at the Symposium, shared, "Blockchain technology appears very much to be the jet fuel necessary for smart contracts to become commonplace in business transactions and beyond. It is a delight to be part of a community committed to fostering the tenants of open source cooperation, privacy and security, education in technology, and working for a common social good."
The white paper presents twelve smart contract use cases across a range of industries and topics, including:
- Land title recording
- Digital identity
- Supply chain
- Financial data recording
- Over-the-counter derivatives
- Auto insurance
- Trade finance
- Drug discovery in cancer research
- Clinical trials
The white paper also sets out the legal and regulatory considerations in relation to the implementation of smart contracts.
"Smart contracts will bring clarity, efficiency and predictability to the way we conduct business," said Jason Brett, Director of Operations at the Chamber of Digital Commerce, at the Smart Contracts Symposium. "On behalf of the Smart Contracts Alliance, I am pleased to present this paper to the business and policy communities, and would like to thank all of our members and contributors for their collaborative and valuable contributions to this white paper."
The paper is available for download now at www.digitalchamber.org/smartcontracts.html.
Attendees of the Smart Contracts Symposium were the first to receive access to the white paper. The event brought together more than 250 of the world's leading financial institutions, legal experts and blockchain technologists to discuss the widespread adoption of this new technology.
About the Chamber of Digital Commerce
The Chamber of Digital Commerce is the world's leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain-based technologies. Headquartered in Washington, D.C., the Chamber is the founder of the Smart Contracts Alliance, the Blockchain Alliance, the Global Blockchain Forum and many other key industry initiatives. For more information, please visit DigitalChamber.org or follow us on Twitter: @ChamberDigital.