Blockchain usage is gaining steam, but corporate America could change significantly if the technology becomes mainstream.
“By mainstream, what we think about is this idea of universal business infrastructure,” said Paul Brody, EY’s Global Blockchain Innovation Leader, adding that blockchain could ultimately act as a tool for companies to interact with each other.
The more immediate use of blockchain in corporate America surrounds smart contracts.
“We think smart contracts will be the universal mechanism that companies use to transact with each other,” he said, adding that all of Microsoft’s (MSFT) Xbox video game transactions are governed by contracts that today are on paper. These contracts reveal how much a video game developer will be paid.
“All of those contracts are being moved from paper contracts onto digital smart contracts that will run on blockchain,” Brody said.
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