New blockchain smart contract system

According to the Wall Street Journal, IBM's research institute is using Bitcoin's basic code to create a new blockchain system, which, if completed, will eventually be released as open source software.

IBM said that there are currently more than a dozen people involved in the development of the project, and that the project is different from the ADEPT project previously announced by IBM, which uses Bitcoin to create a decentralized Internet of Things.

The Wall Street Journal interviewed阿尔温德•克里希纳, senior vice president of IBM Research, who told the reporter that the blockchain system will not issue a built-in token, but is developed to create smart contracts, making it easier for companies to save contracts and protect the privacy of the contract content. For example, the system can automatically pay after a package is delivered.

It is not easy to use this new contract system to subvert traditional contract rules, but if successful, the rewards will be very generous.

Krishna said the project will benefit those who do not have access to banking services.

“I want to make banking services accessible to more people (3.2 billion people) because these people will enter the middle class in the next 15 years. So, I need a lower-cost accounting system, and blockchain technology just provides this possibility.”