Blockchain 2.0 and Smart Contracts

Abstract

Smart contracts can help in the elimination of the social problem of opportunism as these contracts offer an escrow structure for the assets from both parties involved in the exchange. Smart contracts support various transactions along with the monetary one. The rules coded can be applied to any transaction taking place over the blockchain. This evolution of blockchain technology is known as blockchain smart contracts – Blockchain 2.0. The power of blockchain has led businesses and brands to rethink existing trading models. They are re-evaluating opportunities that would have seemed non-viable earlier and analysing the opportunity frontiers to benefit society. The collaboration of blockchain and the internet of things offered a new path to enforce and monitor compliance in the whole supply chain. A new smart economy is being built globally to boost trust on digital platforms. The boundaries are no longer barriers and there are infinite opportunities, with new possibilities and directions.