Blockchain is here to Stay with the Ongoing Advancment of Proof of Trust Protocol for SMART Contract
Clay Christensen states “disruptive technologies come to market with a set of attributes that existing customers don’t value and over time the performance attributes improve to the point where they invade established markets”.1 Blockchain is a clear example of a disruptive technology. There are skeptics, especially consumers using Blockchain technology to exchange assets. We know this forum of exchange as well as new currency will improve over time. We first saw Bitcoin Technology hit the market in 2009. The bitcoins would deliver smart contracts instantaneously. Most skeptics have been concerned with security based around the transaction
s. Once executed there is no recourse. The bitcoin transaction between the parties which may be money, property, and even valuable artwork are now settled. The transactions of the past also lacked a way to prove certain protocols were being met prior to being executed. For instance, let’s look at age validity. What happens if a minor initiates a transaction and it is executed by the other party? The receiving party would be liable for any laws broken by this transaction.
Enter in Proof of Trust Protocol. This is defined as smart contract validation protocol that works with dApps concurrently on any blockchain to assure valid smart contract settlement.3 Smart Contracts have been around for over 25 years. If an insurance policy can be given to each smart contract, they will grow public adoption and continue to disrupt the fiduciary and legal institutions. As we look at industries of government, healthcare, supply chain, management, real estate, each one of these industries will adopt quicker with the proof of trust protocol.
iCash is an example of an emerging company at the forefront of Proof of Trust Protocol. In most large transactions, disputes usually occur along the way. iCash has found a way to mathematically drop the execution of invalid smart contracts from 1 in 20 to 1 in 1,000,000,000 through their PoT Protocol. They have decided to add layers or delegates within their bitcoin smart contract based on the type of contract needed and the industry it will take place in. For example: The smart contract will be sent to delegates for review. The number of delegates will always be odd. The period that the delegates are reviewing the contracts are considered the escrow period. As I stated above, in traditional bitcoin smart contracts there was no recourse once the transactions were initiated and there was also a possibility for trouble along the way. During this escrow time using Proof of Trust Protocol, more delegates may be added to ensure the validity of the contract. If the contract is annulled during this time, the contents of the contract will be paid back to the users.
iCash tokens are being developed to work on any parties blockchain. There is still much to be developed. iCash has minted $1 Billion iCash tokens. They will be released over time through ICO offerings. By the third quarter of 2019, iCash tokens should be freely tradeable on the market. Their goal is for their tokens to be used in everyday life. To buy a cup of coffee but also to be used in highly involved transactions such as voting, real estate, and Insurance. I believe with their current forecasted plan, they will achieve this goal. They, along with other currencies, will also change the way financial and legal institutions operate.
In the end the blockchain with the most trusted avenue (smart contract/coin) to complete a transaction will win the game. For more information on iCash, visit their website https://www.icash.io/
1. Information Systems: A Manager’s Guide to Harnessing Technology, John Gallaugher, Version 7.0 Pg. 152 2. https://blockgeeks.com/guides/smart-contracts/ 3. https://docsend.com/view/mteqqj6, iCash, White Papers