World’s Biggest Commodities Pricing Firm Using Smart Contracts Without Blockchain
S&P Global Platts successfully deployed smart contracts on a centralized ledger instead of DLT to reduce energy, latency and cost.
Can smart contracts be used without blockchain? That was the question asked by a Quora user. Of the answers given by netizens, about half said yes, and the other half said no.
So which is it?
Well, the world’s biggest commodities pricing firm, S&P Global Platts, has said “yes”. They claimed that their smart contract system is up and running in a centralized ledger, instead of a distributed ledger — which is usually the case when people think of smart contracts and blockchain.
To understand the debate, we must first define the key terminologies involved. Bear with me if you already know a thing or two about blockchain.
What exactly are smart contracts?
Many people equate smart contracts with blockchain. Yet others think of cryptocurrencies, blockchain, distributed ledger technology (DLT) and smart contracts as being the same thing.
They are not the same.
