How smart contracts will transform business processes – Space and Time CEO
Integrating smart contracts into data management is a major aspect of Web3 that will change jobs. It was part of the discussion Nate’s Vacationco-founder and CEO of space and time; Arianna Huffingtonfounder and CEO of Blossom; and Rashmi MisraManaging Director of AI and Emerging Technologies at Microsoft, had to SmartCon2022.
Nate’s Vacation said that there are exciting decentralized products being created all over the world, but most of them use centralized databases. He Explain that these products also need on-chain and off-chain data to scale and power their operations.
Nat declared that the on-chain connection between decentralized systems and traditional networks will lead to trustless business automation, thanks to the smart contracts of DeFi systems. This is where Chainlink, Microsoft and Space & Time meet, it continued.
Microsoft’s Rashmi shared that his company has invested heavily in world-class data systems. Because we want to help our customers access principles-based Web3 services, we are partnering with Space and Time, it said.
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The founder of Space and Time said that in Web2 brands were developed to be trustworthy, however, this is changing so fast. At Space and Time, we don’t own the servers where our data resides, he said. We allow anyone to participate in the network, but it is also risky due to potential malicious behavior.
This situation is why the use of “trustless cryptographic evidence and analysis is so important,” Nate added. At Space and Time, we’re working to sync Proof of Sequel with smart contracts so businesses can access simple, trustless services.
Arianna Huffington, who also founded the Huffington Post in 2005, said people had lost faith in the global media space. However, it is exciting to see useful, reliable and secure Web3 systems designed to regain trust.
While Rashmi said that Microsoft is interested in the Web3 space and has shown that by investing in start-ups like Space and Time, Nate concluded that by enabling trustless analytics to power smart contracts, business processes will be coordinated by smart contracts.
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