Explainer: ‘Smart Contracts’ On The Blockchain

In the real world, contracts are a necessary evil. They require too many eyes and are full of unintelligible language. They can leave too much room for interpretation. Some are designed ideally to never be used, in the legal sense.

Let's say your company commits volume to a supplier in exchange for a discounted rate. You need to review your firm's performance. Adjustments may be made. Administrative cost is apparent. Or say your online booking tool goes down. It's a bad outage, and you have a service-level agreement in which compensation is due. What happens? Probably . . .

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Author: Jay Campbell

Jay Campbell in 2004 created travel business newsletter The Beat, in 2006 co-founded Travel Procurement magazine and in 2010 integrated them with Business Travel News. He served as editorial director until 2013. Jay made his travel industry media debut in 1993 at the Air Travel Journal of Boston while earning his undergraduate degree in journalism at Boston University.