Over the past 10 years, the blockchain technology featuring decentralisation, immutability, security, and transparency has revolutionalised the digital age in the same scale as the internet. The first generation blockchain under Bitcoin is created as a medium of the payment transaction and digital store of value, while the second generation blockchain under Ethereum is developed as a platform that facilitates peer-to-peer smart contracts.
However, Bitcoin and Ethereum have inherent weaknesses that limit their ability for effective scaling up and meeting users’ needs due to factors such as: slow processing speed, energy costs, high transaction fees, etc.
What is Smart Contract?
The term “smart contract” was coined by a cryptologist computer scientist, Nick Szabo, who famously said in 1994 that “a smart contract is a computerised transaction protocol that (self) executes the terms of a contract. The general objectives are to satisfy common contractual conditions.”.
A smart contract is a computer software that contains rules, terms and regulations of a contract. The smart contract is self-executing, self-verifying and auto-enforcing against the agreed upon terms. It is immutable, decentralized, as well as cost saving because it eliminates the need for third parties or escrow agents.
In 2015, Ethereum introduced the Smart Contract 1.0 and has leveraged its strength in dealing with various types of financial contracts.
The New Generation Smart Contract 2.0
On 25th February 2019, Singapore-based startup CSE SG officially unveils the new generation Smart Contract 2.0 — featuring multi-contractual conditions and multi-industry applications running under the revolutionary, super-fast blockchain 3.0 technology.
The new generation Smart Contract 2.0 has been applied to the field of finance globally, enabling ICOs, STOs and payment transactions for e-commerce.
CSE SG has partnered with healthcare service providers in Thailand and Korea to apply Smart Contract 2.0 solutions to improve efficiency, traceability, transparency and security.
In the agriculture sector, Smart Contract 2.0 has also been successfully applied to various projects in Vietnam, Tanzania and Nigeria, that literally “brings food from farm to table” — thus eliminating the middlemen, and helping to ensure food security, proximity, self-reliance, and sustainability of food supply.
There is great potential for the new Smart Contract 2.0 platform as it takes as quick as 60 seconds to create your own smart contract, which is directly connected to the CSE blockchain 3.0 technology through the API.
You can also create your crypto, access source, blockchain library, blockchain authentication for various industries such as healthcare, education, agriculture, retail, supply-chain management, energy, banking, etc.
The floodgates of unparalleled innovation in business and everyday life applications have been opened with the launch of Smart Contract 2.0 by CSE SG.
To create your smart contract: http://smartcontract.cse30.io
For more information on Smart Contract 2.0: https://cse30.com/singapore-startup-cse-sg-unveils-the-new-generation-smart-contract-2-0-featuring-multi-contractual-conditions-and-multi-industry-applications/