Allegory of Wisdom and Strength
The term “smart” is often associated with certain technologies, particularly within the context of blockchain and cryptocurrency, because it is used to describe specific features or capabilities that go beyond simple transactions or record-keeping. Let’s explore why the term “smart” appears in these contexts:
- Smart Contracts:
- Definition: Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and execute the terms of a contract when predefined conditions are met.
- Significance: The term “smart” in smart contracts reflects their ability to automate and streamline contract execution. These contracts are encoded with logic, allowing them to execute without the need for intermediaries, such as legal entities or enforcement agencies. Ethereum, a popular blockchain platform, introduced the concept of smart contracts.
- Smart Transactions:
- Definition: In the context of cryptocurrencies and blockchain, the term “smart transactions” may refer to transactions that involve programmable features or conditions.
- Significance: Smart transactions can include features such as multi-signature authentication, time locks, and conditional payments. These features add sophistication and flexibility to transactions, allowing for more complex and customizable financial arrangements.
- Smart Assets:
- Definition: Smart assets refer to digital or tokenized assets that can represent ownership or rights and have programmable features.
- Significance: These assets can have built-in rules and logic, allowing them to interact with smart contracts and other elements of the blockchain ecosystem. For example, a smart asset on a blockchain may have rules governing how it can be transferred or traded.
- Smart Technology Integration:
- Integration with IoT and AI: In broader contexts, the term “smart” is also used when discussing the integration of blockchain with other emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI). This integration enables more intelligent and automated systems.
The term “smart” emphasizes the programmability, automation, and sophistication that these technologies bring to the table. It signifies the ability to embed logic and conditions into transactions, contracts, and assets, leading to more efficient, secure, and versatile applications on blockchain networks.
Today we review titles in catalogs of best practice literature with claims about a component, system or practice of “smartness” evident in advanced features involving connectivity, automation and adaptation. We limit our exploration to the catalogs of the accredited standards developers listed below:
American Society of Civil Engineers
American Society of Mechanical Engineers
ASHRAE International
ASTM International
Institute of Electrical and Electronic Engineers
International Electrotechnical Commission
International Standardization Association
National Fire Protection Association
Underwriters Laboratories
Let’s explore why the term “smart” appears in these contexts; keeping in mind that today’s time will not be spent on artificial intelligence “standards”; if they exist at all. That domain is far from stabilized. Use the login credentials at the upper right of our home page.
