Which Tech Enhances Smart Contract Functionality?

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Which Tech Enhances Smart Contract Functionality?

In the rapidly evolving world of blockchain technology, we’ve gathered insights from eight tech visionaries, including Co-Founders and CEOs, to shed light on emerging technologies that are revolutionizing smart contract functionality. From the privacy enhancements of zero-Knowledge Proofs to the sophisticated automation of AI-Driven Contracts, discover the cutting-edge tools that these leaders are reviewing.

  • Zero-Knowledge Proofs Enhance Privacy
  • Layer-2 Protocols Improve Scalability
  • AI Agents Transform Smart Contracts
  • Oracles Introduce External Data
  • DLT Boosts Security in Real Estate
  • Biometric Authentication Strengthens Access Control
  • Cross-Chain Interoperability Enables Flexibility
  • AI-Driven Contracts Automate Decision-Making

Zero-Knowledge Proofs Enhance Privacy

One groundbreaking technology in smart contract functionality is the use of zero-knowledge proofs (ZKPs). ZKPs enhance privacy and security by allowing transactions to be verified without revealing sensitive information. Testing ZKPs, I found they ensure data integrity while maintaining confidentiality, crucial for industries like finance and healthcare. This added layer of security makes smart contracts more robust, fostering greater trust and broader adoption in sectors that require stringent privacy measures.

Ryan Doser
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Ryan Doser
Co-Founder, AI Insider Tips


Layer-2 Protocols Improve Scalability

Blockchain technology has been a game-changer for enhancing smart contracts, especially with advancements in scalability solutions like Layer-2 protocols. These innovations significantly reduce transaction costs and speed up processing times without compromising security. My review of Layer-2 solutions is overwhelmingly positive; they make blockchain applications more practical and accessible, particularly for businesses looking to integrate smart contracts into everyday operations. It’s a pivotal step toward widespread adoption.

David Wilfong
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David Wilfong
Founder and CEO, DavidWilfong


AI Agents Transform Smart Contracts

As a tech leader, one emerging technology that I find particularly transformative for smart contract functionality is AI agents.

Imagine your smart contract not just executing predefined rules but making decisions based on real-time data. Traditional smart contracts are like a one-trick pony. With AI, they can analyze vast amounts of data and make complex decisions, like turning a straightforward vending machine into a savvy stockbroker.

Predictive analytics is a game-changer. AI can forecast trends based on historical data, enabling smart contracts to execute trades or reallocate assets automatically, making investment strategies smarter and more profitable.

Security is another area where AI shines. AI can spot anomalies and potential threats faster than you can say “hack attack.” By recognizing patterns associated with fraud or vulnerabilities, AI adds an extra layer of security, keeping smart contracts safer.

Tools like MythX and Slither are essential for Ethereum smart contract security analysis. MythX is a cloud-based service, while Slither is a lifesaver for Solidity developers, spotting security flaws and providing detailed reports. At QuillAI Network, we believe AI has the power to revolutionize Web3 security.

We’ve developed two AI agents for this purpose. QuillShield not only finds bugs but also suggests fixes. QuillCheck vets tokens to ensure they’re not scams, spotting signs of potential rug pulls and fraud.

These tools are setting a new standard for Web3 security, ensuring every project operates in a secure environment. AI agents and smart contract security have a long way to go, but we’re paving the path forward.

Kartik Chugh
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Kartik Chugh
Chief Marketing Officer, QuillAudits


Oracles Introduce External Data

One emerging technology that significantly enhances smart-contract functionality is oracles. Oracles can pull external data to make decisions inside a smart contract.

Last month, I reviewed past TON competitions, including a lottery smart contract where tokens were awarded to a random user. This contract could be made more interesting with oracles, such as getting reliable data for future football matches or oil prices, allowing users to make predictions about future results.

With oracles, it’s crucial to ensure that oracles pull data from multiple reliable sources to minimize the risk of tampering with the external data source.

Ymir Egilson
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Ymir Egilson
Chief Technology Officer, Lunda.ai


DLT Boosts Security in Real Estate

One exciting technology enhancing smart-contract functionality is Distributed Ledger Technology (DLT). DLT ensures that all transaction data is shared across multiple nodes, increasing security and transparency. At Sell House Columbus Ohio, leveraging DLT has transformed our process by reducing fraud and ensuring data integrity. My review? DLT is a cornerstone of future real estate transactions, providing unparalleled trust and efficiency for our clients.

Bennett Heyn
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Bennett Heyn
CEO, Sell House Columbus Ohio


Biometric Authentication Strengthens Access Control

Biometric authentication is transforming smart contracts by ensuring that only authorized personnel can access sensitive data and approve transactions. At our business, integrating biometrics has streamlined our internal approval processes, safeguarding client designs and order specifications with enhanced security measures. This technology not only strengthens trust but also enhances operational transparency, aligning with our commitment to excellence in custom pin production. Biometric-enabled smart contracts represent a significant leap forward in data protection and authentication, paving the way for more secure and reliable business transactions.

Ryan Whitcher
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Ryan Whitcher
Founder & CEO, Harmony Home Buyers


Cross-Chain Interoperability Enables Flexibility

The brand-new technology that makes this possible is cross-chain interoperability. While Ethereum is limited to the workings of a single blockchain, Polkadot allows different blockchains to send messages and value back and forth in a trust-free way, so that smart contracts on one blockchain can interact with data and assets on another.

Various other use cases for smart contracts have become more feasible and flexible. If a smart contract is on the Ethereum blockchain, it can also interact with a contract on the Binance Smart Chain, for instance. Ideally, Polkadot will substantially increase these dApps’ efficacy, while interoperability improves a blockchain ecosystem’s overall utility.

Mark McShane
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Mark McShane
Founder, Cupid Digital PR


AI-Driven Contracts Automate Decision-Making

In my role as the Head of People Operations and Marketing at a software development firm, I believe that AI-driven smart contracts are poised to transform agreements by introducing automated decision-making, predictive analytics, and intelligent automation. I think these advancements collectively enhance the effectiveness and responsiveness of contracts. For example, AI can empower contracts to independently verify adherence to contract terms by analyzing real-time data streams, reducing the need for supervision.

Moreover, machine learning allows for the assessment of risks associated with contracts and the proposal of effective risk mitigation strategies. This risk evaluation may involve scrutinizing contract data to anticipate areas where breaches could occur, enabling measures to prevent such occurrences.

For example, one of my team’s favorite AI tools for smart contracts is QWILR, which we rely on to send proposals to our larger clients. I would say that it has truly revolutionized the way we showcase our proposals. The platform enables us to create web-based proposals that are interactive and highly customizable, adding a professional touch. It has the function of minimizing risks by including legal provisions and clauses that ensure compliance and address potential disputes. Although there was a learning curve, the tool is relatively user-friendly and very helpful in streamlining our efforts.

Vikrant Bhalodia
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Vikrant Bhalodia
Head of Marketing & People Ops, WeblineIndia


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Block Telegraph Staff

BlockTelegraph is the leading blockchain news publication, covering NFTs, DApps, and the decentralized finance industry.