New York, NY – The opening of the Blockchain Technology Lab in New York has vast implications of how Blockchain technology has quickly risen to prominence in the past few years as a ledger distribution technology that has the potential to democratize and de-centralize online transactions. As more investors and businesses turn to Blockchain technology for the execution of their transactional needs, there is a growing consensus about the necessity of Blockchain smart contracts to facilitate, validate and enforce contractual conditions. So, what are smart contracts?
For developers and those working with Blockchain technology, the phrase “smart contracts” specifically refers to a business logic encoded to run on blockchain, using new contract-building languages that are similar to existing programming languages. While the phrase builds on the term “contract” in a classical sense, by gesturing to an agreement between two or more parties, the phrase “smart contracts” refers not only to the establishment of contractual conditions, but also to the actual implementation of those conditions through code. This type of business logic translated into contract code can be deployed onto the Blockchain itself, which allows it to maintain transparency and security because the code cannot be altered or manipulated. Because of the decentralized nature of Blockchain technology, smart contract codes further ensure process integrity and contractual enforcement—the execution and validation of the contractual agreement will only function per the protocol written into the smart contract code. Smart contracts eliminate the need for intermediary parties to enforce contractual agreements and protect users on all sides of the contract from external pressure or interference.
The opening of Blockchain Technology Lab in New York will likely make it more convenient and easier for investors and businesses to grow their Blockchain ventures developer in New York. The company’s services include assessments of business cases, proof of concepts and the writing of customized smart contracts. In the spirit of decentralized transactions, Blockchain Technology Lab can act as an initial third-party intermediary that writes objective smart contract, which can then be deployed on any Blockchain. From there, the self-executing smart contract code will enforce and validate the contractual agreements.
As more investors and businesses are turning to Blockchain technology, it is becoming increasingly evident that there is a need for technologists and experts capable of not just writing code but also drawing up contractual agreements to govern the legal boundaries and protect user rights. It appears that Blockchain Technology Labs is stepping up to fulfill that need.
Company Name: Blockchain Technology Labs
Contact Person: Chris Kowalski
Address:135 E 57th Street
City: New York
Country: United States