Something to kill the time while we wait for the next Ann.
Since learning that Yojee was interested in pursuing the smart contract technology, I've been looking forward to updates. After all, block-chain was invented for Bitcoin - a type of smart contract on its own. No updates have been forthcoming and I put this down to a problem with the technology itself. Yojee, in an antiquated research paper still posted on its website, have been dealing with Ethereum and it's from their platform that Yojee hoped to launch smart contracts to their suite of block-chain offerings. Last time I looked, Etherium was still having problems with the ability to match Mastercard, Visa etc., for sheer transaction volumes per second. So what, you might ask, why not just use Mastercard or Visa?
Mastercard and Visa, as we all know, are part of the banking system and subject to their protocols, fees and charges. Are they transparent? Well yes, but only after you approach the actual bank that handles your credit card. So what is better about a smart contract?
In a company like Yojee's case, smart contract protocols can be put in place over a number of areas in their business. And the following all assume that Yojee become something like a central bank themselves, with some sort of a holding fund. For instance - over the whole supply chain; from supplier to shipping merchant to truck drivers and perhaps the bicycle delivery guy or girl, payments need to be made. Generally this is charged by the seller of the goods, eg. Amazon and it's shipping fees. Shippers, trucking companies and delivery guys are eventually paid perhaps monthly or even quarterly as they submit their delivery dockets. With smart contracts protocols can written that guarantee instant payment the moment that proof of delivery is supplied. Also this becomes transparent on the block-chain ledger. All someone needs is the date and time of delivery to access the record of the transaction, which would be supplied to the deliverer or receiver of said goods. There is a further reduction of fees as the middle-man is cut out, such as the banks.
Naturally, should Yojee still be going down this path, they could charge their own fees per transaction and on top of that, protocols could easily be written that keeps records for individuals for the purpose of taxation requirements. In effect, Yojee, I believe, have the potential to become a one stop shop for every purchaser and supplier on their block-chain. I got excited about all this when I saw David Morton's name pop up on the board.
So, due to Yojee's lack of updates re. smart contracts, I emailed them and asked them where they were at regarding this. The answer they eventually gave me was not exactly what I wanted to hear but, nevertheless, it made me smile. They told me that unfortunately they were unable to provide any details about their pursuit of smart contracts due to the issue being - commercially sensitive.
I believe that Yojee has great potential with their use of block-chain and their suite of current offerings but smart contracts will be absolute icing on the cake. A little light reading below.
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