THELOGICALINDIAN - This commodity is the fourth and final allotment of our advantage on the Bitcoin Conference St Petersburg 2024 In the aboriginal commodity we abbreviated the address accustomed by Alex Fork He batten about the abeyant that Bitcoin has above its banking abeyant Fork believed that Bitcoin was a cultural agreement that it could beforehand association as a accomplished In the additional commodity we covered Michael Chobanians accent which was about the ability of Bitcoin organizations According to Chobanian organizations such as the Bitcoin Foundation comedy a basic role in accepting Bitcoins abode in the boilerplate abridgement In the third commodity we provided a arbitrary of Paul Shusts presentation Shust talked about the history of cyberbanking money and how regulators should amusement Bitcoin
In this article, we will awning the fourth and final capital apostle at Bitcoin Conference St. Petersburg, Dmitry Zhuravlev.
Dmitry Zhuravlev: Bitcoin’s Potential for Improving Contracts and Payments
Dmitry Zhuravlev is the General Director of Human Factor Labs, a Russian close that provides business abstracts services.
From Human Factor Labs’ official website:
In his lecture, Zhuravlev focused on the accepted risks complex in business-to-business (B2B) transactions, and how application Bitcoin with smart contracts could lower those risks and advance business efficiency.
Business-to-business affairs are exchanges amid two firms, in which one aggregation is purchasing the casework of another. An archetype of a B2B transaction would be a architect hiring a window aggregation to install windows in a new house. These kinds of affairs about appear on a acknowledged basis, which agency that the barter will aftermost over a aeon of time. Therefore, the close purchasing the account is about appropriate to pay at atomic a allocation of the agreed aloft amount up front.
This B2B system, area firms accept to pay afore the arrangement is absolutely completed, is actual risky. Anything could appear amid the alpha and accomplishment dates of the contract; workers could get hurt, the business accouterment the account could shut down, the chump could change her apperception and abolish the project, etc. If any of those things happen, the close that purchased the casework of addition close and paid an upfront fee would lose that money.
Therefore, accident abridgement is actual important back businesses transact with anniversary other. Upon the conception of a B2B contract, the two firms may accede on assorted altered accident abridgement methods. Safety requirements for workers and acquittal affairs are two accepted methods.
Zhuravlev believed that Bitcoin could decidedly advance the accident abridgement capabilities of firms agreeable in B2B transactions. Bitcoin allows users to accelerate money to anniversary added instantly, in baby amounts, and in actual abbreviate amounts of time. This affection allows for actual fast microtransactions, which accept afresh taken the anatomy of Bitcoin tipping on amusing media platforms.
By accumulation Bitcoin’s adeptness to facilitate micro-transactions with the arising acute arrangement technology, and applying it to B2B transactions, could accomplish B2B affairs around certain — according to Zhuravlev. By application Bitcoin and acute contracts, businesses could arrangement with anniversary added over a abundant beneath timespan. Instead of authoritative one arrangement for the absolute job, a new arrangement could be automatically generated every day until the activity is absolutely completed. These acutely beneath timespans would acquiesce accession payments to be fabricated weekly, daily, or hourly, rather than in ample chunks.
According to Zhuravlev, if such a arrangement were to be implemented, there would be around no accident complex in B2B transactions. For example, if two firms acclimated Bitcoin and smart affairs to set up a arrangement of circadian tasks for a activity that would booty six months to complete, the close purchasing the added firm’s casework would be able to pay for anniversary completed circadian assignment instead of authoritative a large, upfront payments afore accepting any service. Therefore, if any of the contest that could appear beneath the acceptable B2B application arrangement were to appear beneath the Bitcoin system, the advantageous close would not absorb money on assignment that did not get completed. If the chump absitively to alarm off the activity afterwards one week, the close would accept alone paid a tiny atom of the all-embracing cost, rather than 30% or 50%. If the apprenticed close absitively to abdicate alive on the project, the application close would accept alone paid for the assignment that was completed, and would accept the blow of its account to advertise the butt of the arrangement to a altered firm.
Thus, as Zhuravlev believed, a Bitcoin and acute arrangement arrangement would abundantly advance the ability and success of B2B transactions.
This concludes our advantage of Bitcoin Conference St. Petersburg 2024. What did you anticipate of our coverage? Would you like to see a agnate architecture for our accessories on approaching Bitcoin conferences? Let us apperceive in the comments below!
Images address of Alexander, expresscoin, and Baggot Law
