Public blockchain platform, Ethereum, is being used as the backbone for a new, smart-contract system built on blockchain technology, which should help guarantee workers are paid for services and provide safeguards for all parties before hand. It’s hoped that such a system could enhance If This Then That (IFTTT) business, and enable even more complex contract and service agreements in the future.
Developed by digital design company, Digital Vikings, the smart-contract MVP Platform will act as an intermediary and automated administrator for transactions. It could allow a contractor to provide money for a job into a centralised account, which is verified by the platform, giving workers assurance that they would be paid upon completion of services. This sort of system could be scaled up with increasing complexity, or applied to all sorts of industries in various manners.
“From a technology maturity perspective, I view blockchain on par with autonomous driving,” said Digital Viking’s Kjell Hegstad. “Everyone’ in the auto industry is looking at AD – and the value of each AD engineer is currently at $10M/FTE based on recent M/A activities. While every blockchain engineer may not be valued at $10M, there is a talent shortage – both from a product management and engineering perspective.”
Currently focusing on local businesses around the Philadelphia/Delaware river, Digital Vikings is already receiving interest from international parties who want to trial the system. Its first implementation has been with startup Parcl, which Hegstad claims completed a smart contract system based around real estate, through its MVP platform.
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KitGuru Says: For those of you working freelance or running self employed businesses, do you think a smart contract system would be of benefit to you or your business?