As blockchain solutions continue to proliferate across all sectors of the international economy—by 2024 the market is expected to exceed USD$60 billion as reported by Forbes, global investment expert Pablo Soria de Lachica examines the benefits of Ethereum-based smart contracts and how companies can greatly improve their organizational capabilities by integrating this cutting-edge, scalable technology. He explains the basic concept as such—a simple system/program (if A executes B, then C occurs) designed to facilitate financial agreements between two or more vested parties, underpinned by the security, reliability and convenience of an encrypted blockchain cryptocurrency such as Ethereum (ETH) which surpasses the often-touted Bitcoin in application due to its open source coding language.
Soria de Lachica is not alone in his enthusiasm and positive outlook for this technology, as NASA have recently announced their investment in ETH research with an aim to adapting smart contracts to the programming of space craft, primarily due to the perceived stability of Ethereum (its core architecture cannot be modified, thus ensuring a lack of unexpected bugs/errors). Leading research and advisory company Gartner estimates 25% of all global organisations will be using smart contracts by 2022, streamlining their contractual and legal obligations through automated and instantaneous transactions. Considering the 57.3 million freelancers working in the United States alone (as established in 2017 by an Edelman Intelligence commissioned survey), Mr. Soria de Lachica has no doubts that such an easily-implemented and secure technology will continue to establish itself as a fundamental part of the economy.
Originally described in 1996 by renowned cryptographer Nick Szabo as “a set of promises, specified in digital form, including protocols within which the parties perform on these promises”, the concept of smart contracts has evolved with the advent of blockchain technologies such as Ethereum. Pablo Soria de Lachica explains that within a 21st century context, these instruments can be adapted to a huge range of financial sector uses including: the streamlining of securities and derivatives trading (offering real-time valuations and trades, circumvention of intermediaries); reduction of auditing costs through transparent, uniform and interoperable financial data recording; and could even extend to applications in mortgage processing, ensuring automatic and error-free payments, tracking and release of liens. He describes their three core characteristics as—1) immutability and irrevocability (once implemented, their content is unalterable and all provenance transparent); 2) decentralization (they exist in a decentralized, fully encrypted ledger secure from a singular server loss or ownership dispute); 3) independence (they cannot be modified and will only obey the architecture originally-agreed to, unless completed replaced with a new version).
Pablo Soria de Lachica MBA, is an internationally-acclaimed broker and forex expert specializing in financial analyses and trading consultation. He oversees a broad range of global transactions, including the development and implementation of trading tools, market analyses and tailored investment planning. In his personal time, Soria de Lachica is an avid philanthropist and has made significant contributions to ‘Bridges for Peace’, ‘The Jewish Federation of Greater Phoenix’ and ‘The America-Israel Cultural Foundation’. For more insights into emerging trends and technologies, please visit pablosoriadelachicanews.com.
Pablo Soria de Lachica on What Sets Ethereum Apart in Crypto Space: https://finance.yahoo.com/news/pablo-soria-lachica-sets-ethereum-030000347.html
Pablo Soria de Lachica Highlights Growing Ethereum Blockchain Adoption by Corporate World: https://finance.yahoo.com/news/pablo-soria-lachica-highlights-growing-143200065.html