Auctus, a smart contract-powered retirement planning platform looking to change retirement plans by introducing blockchain tech to the trillion dollar industry. Daniel Duarte, CTO of the company, shared his view on the future of smart contracts economy
I would expect that the economy of smart contracts and decentralised economic model to be a growing trend for more than 5 years. I think that the combination of blockchain and smart contracts will lead us to a point of no return as soon as some of the projects and companies building decentralized solutions using smart contracts achieve mainstream usage.
This new economic model is a step further from the sharing economy or “Uberization” model that we have seen in the past decade with Uber, Airbnb and other companies connecting clients to providers. The new economic model is similar but goes a step further because it cuts the middlemen, thus lowers costs. It’s the “Uber without the Uber” model, where the centralized entity that ensures the quality of services in the sharing economy is replaced by automated processes through immutable smart contracts on the blockchain.
The benefits of the economy of smart contracts include an increase in transparency (such as the elimination of hidden fees), lower costs for the end customers and also the possibility of connecting business and customers in a global scale, with a borderless network and global payment gateway.