Have you already signed a smart contract?
“Smart contracts” are commercial contracts that are maintained on blockchain networks and offer great benefits, but also include dangers. Two Israeli companies have entered this world: “Clear” has created a platform for creating smart contracts and “Walid Network” offers organizations a security system for blockchains and digital assets
Today it is already clear that blockchain is the next generation of the financial system, “declares Eran Hajaj, CEO of Clear.
Blockchain is a sophisticated computer technology invented by the developers of the first virtual currency – Bitcoin. It is a method of encrypting (cryptography) data in a way that enables open and secure business activity on the Internet and verification of transactions without the need for a central management entity.
“At the most basic level,” explains Hajjaj, “the blockchain network allows us to change the situation in which we need central bodies that everyone trusts (such as government bodies or banks) to create agreement and trust around data such as identity and ownership of property, land. Etc. The blockchain network makes it possible to verify all these details, not through a central body, but by a network operated by many different bodies.By using advanced algorithms and cryptographic signatures, the network enables complete reliability of information, and prevents intentional disruption of information “.
Hajjaj, who has been involved in entrepreneurship in the software worlds for years, founded Clear in January 2018 together with Gal Hochberg. The goal was to understand how to harness blockchain technology to help corporations significantly do their business better and more efficiently – and to reduce the amount of manual activity in areas that are difficult to automate today.
Hajjaj enumerates two major innovations of the blockchain: The first is Bitcoin – an invention that he defines as genius, which is the realization of a currency on a blockchain network. The second generation is the so-called ‘smart contract’, which is produced on Atrium’s network. The smart contract allows users to agree on anything that can be digitally encoded and signed. For example, a large company and a distribution company that have a complex agreement between them can write it in a smart contract that will run for both, and will serve as a single source of truth. The result is that there is no longer a need for two separate systems (one for each company), which need to be compared and accounted for at the end of each month, and can be used instead, in one common system. When the information is constantly flowing into the system, it is possible to quickly identify gaps that exist between the companies, and to perform accounting and distribution of money continuously.
“Most of the time we work on a private Atrium network, but our technology also allows the use of other blockchain networks,” says Hajjaj. The blockchain infrastructure that our customers are asking for. “