Thanks for writing this, Mohit. Sorry if I’m being naive or missing something here but some of this appears to be a technology looking for a solution. I’d love to learn, so some questions:
- Smart Contracts.
The beauty of these smart contracts is that they cannot be modified after they are deployed, which ensures neither party in a deal can walk away without doing their part.
er, how is that actually different from a standard contract? The challenge in contracting is agreeing on the terms of the contract…. For example:
A smart contract ensures that once the buyer has transferred the money, the audio file will immediately be sent to the buyer.
What happens if the audio file is not fit for purpose? What if it’s just white noise? What if it infringes a third party’s IP and they then sue… who will be liable, the musician who created the music or the client who used it in their TV commercial? What if the client has demanded a dozen revisions and is still not satisfied, and it’s become a loss-making project for the musician and there’s no end in sight? What if the client thinks they now own that music out-right, but the musician would like to use it elsewhere and considers it more of a license they have provided to the client? What if the client wants to use that music globally but the musician thought they were providing rights for a certain geography only? In perpetuity vs. time-bound?
That’s why you agree on a deal memo / contract. How does blockchain help there?
The issue is not the technology but the veracity and quality of the references, no?
4. Cloud storage.
The key challenge for companies with data in the cloud is managing the sheer volume: being able to bring it all in from multiple sources, draw insights, perform machine learning, visualization, and then use it in production systems. Does blockchain simplify this in any way?