Evergrande Research Institute: Smart contracts are potentially the most revolutionary application of the blockchain
According to a report from Evergrande Research Institute (恒大 研究院), smart contracts are one of the most applicable areas. In particular, smart contracts are considered the most revolutionary application of blockchain. As you all know, previously Vitalik Buterin, co-founder of Ethereum, had proposed adding smart contract features to the Bitcoin network. However, Bitcoin developers rejected this proposal and as you can see, Ethereum has been successful with smart contracts.
Smart contracts as the one area which is likely to have the greatest application potential
Evergrande Research Institute stated:
“Smart contracts are potentially the most revolutionary application of the blockchain. If smart contracts achieve widespread usage on the blockchain, the economic division of labor will see further refinement in the Internet era.”
The report released by Evergrande Research Institute on 11 May said:
“All the network nodes on a global scale will achieve direct match of demand and production and achieve broader social coordination. If this scenario is achieved, the integration of blockchain technology and industry will achieve a ‘from 1 to N’ moment of explosiveness, and this explosion could non-linear instead of linear. Blockchain could also potentially upgrade from a ‘trust device’ to a key ‘engine’ that drives an industrial wave.”
On 25 April China launched its Blockchain Services Network (BSN), which is the world’s largest blockchain ecosystem, already encompassing around one hundred city nodes.
According to analysts it will serve as the backbone infrastructure for achieving massive interconnectivity across China, as well as with China’s trade partners around the world via the Digital Silk Road.
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