What is smart technology?
All technology is equal, but some technology is more equal than others. “Smart” technology is a term used to describe devices and systems that are capable of adapting and modifying their behaviour to fit their environment. They sit in contrast to “dumb” technology, i.e. tools that need human interaction to function.
We are becoming more familiar with smart technology as part of our home ecosystems. But what if it can be used to improve things that we don’t consider “dumb”? What if it can augment a commercial contract – something which is usually the product of significant human drafting and negotiation? To understand how technology might change the way in which we contract, we need first to explore blockchain technology. It’s most commonly associated with Bitcoin but the secure and public network that it provides can be used for other purposes.