The digitalization of various areas of life - our (civil) society - has significantly changed daily processes and especially communication possibilities in the private, commercial and industrial sector. In view of current developments, no end to these developments is to be expected. On the contrary: everything indicates that more and more interactions between people and companies will be entirely digital in the future. This trend was made possible in the first place, not least by technical developments in the field of information technology. These allow for a secure and reliable digital data and information exchange (interaction) between actors.
For centuries these interactions within society have required an intermediary to guarantee the enforcement of an agreement or attest to the correctness of a claim. Now, blockchain systems promise to remove the need for an intermediary and provide more secure, democratic, and efficient bilateral interactions. Originally only focused on banking, today’s blockchain systems can securely execute custom programs often referred to as smart contracts. While these allow the modeling of conventional contracts, they are much more powerful and their full potential is yet to be explored.
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