'Blockchain Smart Contracts: unlocking its power through standardisation for harmonised IT markets' Webinar Presentations

A smart contract is a digital agreement on a blockchain network that is executed automatically upon fulfilling some terms and conditions. It is a self-executing program that automates the actions required in a blockchain transaction. In other words, it is a code written into a blockchain that executes the actions two parties agree to outside the chain, removing the need for an intermediary or trust between the parties, consequently eliminating the risk of manipulation by third parties. Once completed, the transactions are trackable and irreversible. This feature naturally means that smart contracts, nested within the framework of blockchain technology, have proven to be dynamic tools with versatile applications across various industries, from financial services, to real estate, healthcare, supply chain management, amongst others. They are paving the way for a decentralized future characterized by transparency, efficiency and innovation. With this, they bring to the game new forms of organisations, namely the Decentralised Autonomous Organisation (DAOs), an organisation managed in whole or in part by decentralized computer programs, with voting and finances handled through blockchain. Nevertheless, the lack of standardized practices in smart contracts can lead to inconsistencies, lack of security and potential vulnerabilities & risks, with interoperability challenges, hindering their seamless integration with existing systems and platforms. The sector needs guidelines, best practices, and specifications to enhance the robustness and reliability of Smart Contracts deployed on blockchain networks. This lack of standardized security measures poses a significant barrier to the broader adoption of Smart Contracts and impedes the realization of their full potential in revolutionizing digital transactions. Users, policymakers and other stakeholders will benefit from a shared and unified understanding of smart contracts, their common elements, and essential features, which in turn will facilitate adoption enhancing the digital economy, society, and environment. This webinar will focus on how SEEBLOCKS.eu experts are supporting blockchain smart contract standardisation, namely related to Smart Contract taxonomy, classification and security, as well as the registration of DAOs, that will support the implementation of the Digital Decade Strategy and Digital Single Market in Europe.