Over the past 10 years, the blockchain technology featuring decentralization, immutability, security, and transparency has revolutionalized the digital age in the same scale as internet. The first generation blockchain under Bitcoin was created as a medium of payment transaction and digital store of value, while the second generation blockchain under Ethereum was developed as a platform that facilitates peer-to-peer smart contracts.
However, Bitcoin and Ethereum have inherent weaknesses that limit their ability for effective scaling up and meeting users’ needs due to factors such as: slow processing speed, energy costs, high transaction fees, etc.
The term “smart contract” was coined by a cryptologist computer scientist, Nick Szabo, who famously said in 1994 that “a smart contract is a computerized transaction protocol that (self) executes the terms of a contract. The general objectives are to satisfy common contractual conditions.”.
A smart contract is a computer software that contains rules, terms and regulations of a contract. The smart contract is self-executing, self-verifying and auto-enforcing against the agreed upon terms. It is immutable, decentralized, as well as cost saving because it eliminates the need for third parties or escrow agents.
In 2015, Ethereum introduced the Smart Contract 1.0, and has leveraged its strength in dealing with various types of financial contracts.
On 25th February 2019, Singapore-based startup CSE SG officially unveils the new generation Smart Contract 2.0 – featuring multi-contractual conditions and multi-industry applications running under the revolutionary, super-fast blockchain 3.0 technology.
Diagram 1: creation and consensus of a smart contract
The new generation Smart Contract 2.0 has been applied to the field of finance globally, enabling ICOs, STOs and payment transactions for e-commerce.
CSE SG has partnered with healthcare service providers in Thailand and Korea to apply Smart Contract 2.0 solutions to improve efficiency, traceability, transparency and security.
In the agriculture sector, Smart Contract 2.0 has also been successfully applied to various projects in Vietnam, Tanzania and Nigeria, that literally “brings food from farm to table” – thus eliminating the middlemen, and helping to ensure food security, proximity, self-reliance, and sustainability of food supply.
There is great potential for the new Smart Contract 2.0 platform as it only takes 15 to 30 minutes to create your own smart contract , which is directly connected to the CSE blockchain 3.0 technology through the API. You can create your crypto, access source, blockchain library, blockchain authentication for various industries such as healthcare, education, agriculture, retail, supply-chain management, energy, banking, etc.
Diagram 2: Smart contract flowchart for an agriculture application (example)
The floodgates of unparalleled innovation in business and everyday life applications have been opened with the launch of Smart Contract 2.0 by CSE SG.
CSE SG is a company established in Singapore. Its has developed a proprietary CSE 3.0 technology that creates an improved Blockchain platform with breakthrough features from the application of encryption technology, blockchain foundation, blockchain pool 3.0, smart contract 2.0, artificial intelligence, internet of things, supernode cloud, etc. CSE 3.0 can be applied to the creation of retail payment at very low cost, super fast speed and even with no internet connectivity; applications in traceability of products; encrypting and management of information in healthcare, agriculture, education, supply-chain management, banking, and other industries.
Source: CSE SG Pte Ltd