BitHalo – Smart Contract Software 2.1 - Essay Example

BitHalo is releasing latest version of the Smart Contract Software.

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BitHalo, renowned for being the world’s first smart-contract software, has recently announced the launch of version 2.1.

This version was released to compete head-to-head with competitors Paypal and Western Union.

The company claims that its software is the “mother of smart contracts.” It launched the decentralized escrow client for blackcoin only back in July of 2014.

When bitcoin was added a month later, it became the first multi-coin client.

The ability to create Smart Contracts is a fascinating and promising attribute of the blockchain technology. The contracts are peer-to-peer agreements which remove the need for any third party involvement.

They are executed, negotiated and also enforced by computer technology.

The founder of BitHalo David Zimbeck, who is also the lead developer of the company, explained how smart contracts work, “BitHalo allows parties to create actual binding agreements peer to peer without the hassle or risk of involving a 3rd party.

It solves enforcement for most, if not all, types of contracts VIA both parties sharing an equal risk. This software removes profitability from theft or fraud and allows anyone anywhere to trust a stranger.”

The real-life applications of this innovative technology amazes users when they find out that there are Smart Contracts which can be programmed to arise later, in the future.

These are based on certain triggers, like the passing away of a relative. The particular contract can then act as a will or a trust.

Among the different kinds of Smart Contracts, there are Smart Contracts which can be programmed to self-destruct under certain conditions.

There are countless applications of all these Contracts. In fact, any occasion where 2 parties are contracting with each other and are bound to pay and rely on a trusted 3rd party to negotiate the deal could be a potential application for the software by BitHalo.

To make it easy-to-use, BitHalo’s 2.1 version has a feature which allows users to send safe p2p payments of bitcoin or blackcoin via e-mail.

The two parties have to select a common password for this system to work. It is great because it is a swift process without any high fees or 3rd party intervention.

As this system does not require the receiver to own a bitcoin wallet, it encourages bitcoin adoption among people who do not own a wallet yet.

David Zimbeck, the founder of BitHalo, uses the system to send crypto currency to people who do not own any bitcoin wallets.

He said, “I see great potential to expand on some of the tipping movement that’s helping very much to accelerate widespread adoption.

There’s a ton of utility in this feature, and I’m looking forward to using it more myself.