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- The blockchain is a work in progress.

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Being open sourced, it is continually being updated.

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In addition, how the blockchain is being applied continues

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to evolve in surprising and compelling ways.

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Here are just a few of the innovations

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that the blockchain is enabling.

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Up until now we've been talking about discrete data being

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stored in blocks in this distributed database

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or distributed ledger as we prefer to call it.

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But what happens if instead of simply data,

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a block contains some instructions

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that under certain circumstances are executed?

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In this way when a certain blockchain transaction

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takes place, some set of actions are triggered.

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This is one of the most exciting areas of the blockchain

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and we call it Smart contracts.

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While a Smart contract actually is software code executed

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on the blockchain, the terminology use

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of the word contract indicates that the code enforces

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some form of governance or rule.

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We should think of this as the general concept

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since many argue that the use of the term Smart contract is

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also misleading.

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What might be a simple example of a Smart contract

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in action on the blockchain?

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Let's return to a previous example of managing

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digital products online.

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Specifically, as the authentic owner as of say

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a photograph you took, you may want to use

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the blockchain to sell that photo to buyers.

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Since the blockchain already confirms you

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as the rightful owner, let's look at a Smart contract

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to sell a copy.

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We'll use the blockchain as the platform

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for the entire transaction.

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First, you're established as owning the copyright.

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Then a buyer submits payment for a copy of the photo.

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Once you receive payment and it is confirmed,

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a Smart contract executes and then delivers

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a copy of the photo to the buyer.

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The transaction is recorded in the blockchain

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and each step is stored forever as proof

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of what has happened.

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In this example, the Smart contract was code

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that ensured that all the conditions were met

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for this purchase and even delivered the photo

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through some form of online transfer.

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While this is a simple example,

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you can imagine really complex transactions taking place

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in the blockchain that are enforced by Smart contracts.

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Think about all matter of financial transactions

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or real estate or legal agreements,

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and even agreements between machines

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like self-driving cars negotiating

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around each other in traffic.

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It's easy to see that a smart contract takes

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the capabilities of the blockchain

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up a few notches and makes it a platform

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for complex action.

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One of the most exciting innovations

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in this blockchain space is called Ethereum.

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This software platform uses the blockchain

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and Smart contracts to enable the building

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of complex decentralized software applications.

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It's an ambitious project that is still in its infancy.

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However, the promise of Ethereum is to enable

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the development of software tools

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that can build solutions that don't require

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the traditional commanding control hierarchies

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that exist today.

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In other words, these are applications

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that don't have an all powerful single owner

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to make and enforce the rules.

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Some of the initial solutions on Ethereum have included

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an alternate digital currency called Ether,

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an online identity management system called uPort,

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land title transfers and online system

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for managing digital signatures.

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And an entire suite of banking services developed

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by consulting firm DeLoitte and the blockchain

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firm ConsenSys.

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In the final example, I'd like to discuss

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how one innovative organization is connecting

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the blockchain to the physical world.

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The solution is from a German team called Slock.it,

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and its first goal was to enable apps to unlock things

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but have now since grown to have much greater application.

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It works by using Ethereum and Smart contracts.

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Slock.it gives connected objects an identity,

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the ability to receive payments and the capability

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to enter complex agreements.

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It effectively eliminates the need for a middle man

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when executing software on one device

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to trigger a physical action in another.

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This makes interaction almost immediate

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and significantly reduces the cost.

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For example, let's say we use a smartphone

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to unlock the lock on a bicycle.

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The authority to allow the opening of the lock no longer

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resides with a central authority but rather only

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between the smartphone and the lock itself.

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It makes a lot of sense for example

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when you want to rent a bike and want to receive payment.

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A person who purchases the rental executes

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a transaction that includes identity, payment,

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and the unlock process directly with the bicycle.

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Slock.it enforces the transaction,

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it's remarkably efficient and secure.

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The innovations described in this video gives

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a tease of what may be to come.

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We know we're in the early stages of blockchain

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because already many innovations have failed.

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This is common as a new technology emerges.

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Making bets right now is risky,

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but as these innovations illustrate,

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when success does come, it will likely be transformational.

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