/biz/ - Business & Finance

Bought 38 link today. Just gonna hold and be a millionaire.

>>11300000
CHECKED

>>11082739

https://www.americanbar.org/content/dam/aba/events/business_law/2018/09/annual/materials/blockchain-basics-2-201809.authcheckdam.pdf

>In a proof of concept built by OpenLaw, he will show how the
combination of code and law has the potential to increase efficiency and reduce costs related to
tax compliance.

>Jason will discuss the specifics of how transactions (and smart legal
contracts) are executed on Corda. He will describe a project executed by R3, two banks, and the
Financial Conduct Authority in the UK, called ‘Project Maison,’ focusing on regulatory
reporting and the specifics of the ‘Project Maison’ prototype.

https://www.americanbar.org/content/dam/aba/events/business_law/2018/09/annual/materials/blockchain-ucc-201809.authcheckdam.pdf

>"Off Chain Data: Blockchain Interfacing With Other Data
• Data that is stored outside of the blockchain is commonly referred to as “off chain
data”
• Off chain data can be combined with blockchain technology in various ways to
fulfill different business needs
– Personal data points, such as name, SSN/TIN, address etc. associated with a specific
user/node can be stored off chain (so other participant nodes don’t generally have
access to this information)
– This off chain data can be combined with on chain data when a transaction is
authorized/authenticated so only those on a need-to-know/permissioned basis have
access to it
14
EXAMPLE: If parties enter into a buy/sell arrangement on a cryptocurrency exchange using
public/private keys, the exchange can access the off chain information associated with each
counterparty to report basis and capital gains for each party to the IRS without having to disclose

>>11076346
TONIGHT TONIGHT TONIGHT

>>10762043

>>10747033
>>10747077
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>>10748466
>>10748499

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>>10734454

>>10687390
and in jpg format for you good anon

>>10468119

>>10433835
it's a classic LINK meme

>>9968982

>>9440340
GREEN GOT GAINSZ

>>9125843
the /biz/ classic

Post some, I only have these normie tier shits although the first one gets me every time... probably because I can relate.

>>7777777
all in

>>7683191
the LINK memes really are very creative

Companies have all sorts of contracts for all sorts of things (obviously) but the legal system never works like it's supposed to. Let’s say you agree a contract to sell a table, say, for $20 next week. You give the guy the table but next week he doesn’t pay. Are you really going to take the buyer to court even though he legally owes you the money?

This kind of thing happens on a huge scale between companies. If they do decide to go to court it's expensive and wastes time. Usually, the side who’s owed money settles out of court for much less than they’re owed.

This is where smart contracts come in. Smart contracts are basically code that executes a contract when conditions are met. An example might be “I'll buy $100 of bonds if the base interest rate hits 1%”.

Once agreed, a smart contract will execute as written, no matter what. No one can fuck each other over once the contract is agreed (unless they BOTH agree).

What’s more, the contract is stored on a blockchain and so can’t be interfered with without hacking 51% of the nodes (this is practically impossible).

But there is another attack vector for smart contracts. Returning to the $100 for bonds example above, I could hack the input to the contract to (falsely) tell the contract that the interest rate is now 1%. The smart contract sees this and executes when it's not supposed to. The security of the contract is only as strong as the weakest link, which in this case is the external data input (also called an oracle).

Chainlink (LINK) solves this problem by decentralizing the oracle – i.e. the information that goes into the contract. It means smart contracts can't be triggered by false inputs (i.e. the attack vector I described above) without hacking 51% of the nodes (again, impossible).

And the bond example is just one of millions of use cases.

>>7460706
contd.

It gets better:

LINK has basically no competition.

The team have been working on this since before bitcoin was invented.

They have the domain smartcontract.com.

They are likely to be partnering with SWIFT and have done work with banks like Santander, Barclays, and BNP Paribas.

LINK works with any blockchain – ethereum, bitcoin, hyperledger, you name it.

LINK also has the best memes.

>>7459692
It gets better: LINK has basically no competition. The team have been working on this since before bitcoin was invented. They have the domain smartcontract.com. They are likely to be partnering with SWIFT and have done work with banks like Santander, Barclays, and BNP Paribas. LINK works with any blockchain – ethereum, bitcoin, hyperledger, you name it.

LINK also has the best memes.