How Ricardian Smart Contracts Enable Blockchain Adoption

November 6, 2018

With all the fuss about smart contracts and how useful they are, they are still too basic for complex legal agreements. Fortunately, with a more complex type of smart contract–a Ricardian smart contract–it is now possible to record and enforce…

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Ricardian Contracts: Legally Binding Agreements on the Blockchain

November 3, 2018

Complexity in the global economy created the need for live contracts readable by both humans and machines. To this end, Ian Grigg, a cryptocurrency and blockchain expert successfully developed Ricardian contracts in the mid-1990s. A Ricardian contract is a legal…

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Benefits of a Blockchain-Based Manufacturing Protocol

October 29, 2018

Manufacturing is a complex process with large production orders, multiple stakeholders, multiple supply chains, raw materials, and countless machines—both large and small. A company fulfilling a production order must keep track of all these moving parts but even if they…

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Being Blockchain Agnostic Provides Flexibility for Manufacturers

October 20, 2018

There are countless blockchains in 2018, each with their own defining characteristics. For example, some blockchains are permissioned, others are completely public, and yet others are consortium (public-private hybrids). Some are proof of work while others use proof of stake.…

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The Benefits of Ricardian Smart Contracts for the Manufacturing Industry

October 18, 2018

A basic Ethereum smart contract is mainly used for escrow and payment of cryptocurrency funds based on the ETH blockchain, such as ERC20 tokens. Despite the name, a smart contract is not a legal contract—it is only meant to execute…

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Blockchain as a Security Solution for Manufacturing

October 15, 2018

Manufacturing is the backbone of modern civilization established well before the latest industrial revolution. Due to increasing demand for manufactured goods, technology companies developed more efficient machine-powered and automated manufacturing processes. Blockchain technology, including distributed ledger systems running cryptocurrencies like…

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How IoT Devices Communicate With Smart Contracts

October 8, 2018

The latest trend in the manufacturing industry incorporates advanced machine-to-machine communication in factory equipment and warehouses using smart sensors. This allows machines, Internet-connected devices, and smart sensors to talk to each other in a machine universe known as the Internet…

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What are Smart Contracts and How Are They Used in Manufacturing?

October 5, 2018

In a world where smartphones and even smart cars are becoming the norm, we desire everything to be “smart” with more artificial intelligence to offload the burden of doing complex tasks. Manual contracts in businesses or manufacturing, for example, hinder productivity, efficiency, and trust, thus increasing the cost of business operations. In the age of computers, it…

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Introduction to Ricardian Smart Contracts for Manufacturing

October 1, 2018

What is a Ricardian Contract? A Ricardian contract is a legally binding agreement on the blockchain. It is an ordinary text document that is readable by both humans and machines. This type of contract was conceived in the 1990s by…

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Five Blockchain Use Cases for Manufacturing

September 24, 2018

  Bringing a product from factory to market is currently a slow and expensive process. Supply chains are fragmented among hundreds of organizations and multiple ledgers, making them prone to security problems and vulnerable to fraud, and defective products, leading…

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ARXUM – A Global Production Network, Driven by Blockchain

September 22, 2018

 Jens Harig and Markus Jostock had the opportunity to sit down with Michael Waitze and discuss ARXUM project, ideas and people behind it and it’s usability in manufacturing world. Watch the interview here: Web:  MichaelWaitz-ARXUM Sound Cloud : MichaelWaitzPresents-Podcast33

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Solving Supply Chain Problems Using Blockchain Technology

September 21, 2018

Blockchain technology is fairly new in the business world and its applications are just emerging in the commercial arena. Experts believe that it may be possible for businesses to use this technology,despite its infancy, to create a greater edge over competitors. But what is this blockchain technology? In short, it is a distributed ledger that can permanently record verifiable transactions between two parties. A distributed ledger means that it is…

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