Transactions and contracts have played a vital role in human civilization. The ability to exchange value through contracts has given human beings the opportunity to build villages, towns, cities, and countries. But the traditional contract-based transaction process has remained quite stagnant.
Blockchain and smart contracts are changing the process of transactions. It's freeing people from the shackles of central governance. They can exchange value using distributed digital ledgers. There's no need for third-party involvement.
According to a Gartner survey of Board of Director in 2016, about 91 percent of the directors were aware of blockchain technology. Among the directors, 36 percent saw it as an opportunity while 21 percent considered it a threat.
History of Transactions: Trust, Consensus, and Distribution