Will the marketing buzzword “smart” doom Smart Contracts?

A corollary to bureaucracy dumbing down generation after generation is that many other things — even inanimate things — start to appear smarter in comparison.

Don’t bet on your smartphone or your smart home or your smart appliance or your smart vehicle achieving sentience anytime soon. AI will never offer anything other than a facsimile of intelligence (i.e. artificial intelligence). Sure, machines will continue to increase the speed with which they can perform the calculations which go into approximating human cognition, but approximations they will remain.

Consider the typical private sector bureaucrat pretending to be a big shot business management deciderer. They want everyone around them to act like servile bureaucrats by pretending that everything the Big Boss Bureaucrat says is genius. Such narcissists are often quick to demand so-called smart technologies, which they hope will automate the lickspittle process of personal coercion and professional misconduct.

Enter into the scene Smart Contracts, a mashup of algorithms and processing code which addresses the creation and execution of standard contracts. While the qualifier “smart” might be a catchy marketing phrase (especially to narcissistic bureaucrats who are desperate to present themselves as being smart), actual business managers might want to refer instead to Automated Contracts or Self-Executing Contracts to emphasize that the blockchain underlying each could not possibly be as smart as the parties to that contract.

Blockchain technology is, of course, a distributed ledger system which enables the crypto part of many cryptocurrencies such as Bitcoin. While Aleph Infotinuum Services has a low opinion of any putative currency — digital or otherwise — which lacks a tangible commodity (e.g. gold) as its real-wealth backing, the concept of blockchain-based cryptography is itself as promising as any alternatives for securing the storage and transfer of sensitive data.

Follow the link below to learn more about the way that blockchain platforms can streamline the contract lifecycle (just try to refrain from calling such contracts smart).


Aleph Infotinuum Services posted this entry on