New technologies and the people who design them are gaining more and more prominence in the media. And it is not surprising, since innovation in all types of business is an essential requirement not only to continue growing, but also not to miss the train of innovation. Digital Transformation. The innovation sphere is precisely the area of the Smartcontract technology of Zemsania, which appeared last Sunday, October 15, in the section Innovators from El Mundo.
As experts in Digital Transformation solutions, at Zemsania we are pleased that the media are showing how technology can help companies improve their future prospects and are committed to giving a voice to the creators of this new connected reality. Don't miss the article by El Mundo about the Smartcontract shown below!
The newspaper El Mundo interview with Miguel Viana, Zemsania's Director of Systems Architecture
In order to explain what the Smartcontract technology, the newspaper interviewed Miguel Viana, director of systems architecture at Zemsania, who was in charge of designing this new solution. As he explains El Mundo, At Zemsania, we have developed a new type of technology that gives a static document the power to react and dialogue with other documents, and which may automatically authorize or stay a legal proceeding as mandated by the terms of the contract to which it is subject..
For a better understanding of how Smartcontract works, Miguel Viana explains in El Mundo how this new technology is based on the blockchain: “The blockchain allows programs to be downloaded in pieces, but they arrive at your computer together and in the form of a complete program”. According to Miguel Viana, “it's like if you take a bill, break it into 20 pieces, give each piece to a letter carrier - who will make his way - and, at the final destination, the bill is received assembled”.
The blockchain, in short, is a very reliable transport: “We think that taking a document, breaking it into pieces and sending it through the blockchain so that in the next place they can compose it again with the security that nobody has touched it in the middle, is a good idea,” proposes Miguel Viana at El Mundo. And that's only part of the Smarchcontract concept: “We have focused on the multi-clause: read the content of the document and give intelligence to each clause with metatags so that it knows how to respond to certain circumstances”.
The fact that a document has the power to react and can automatically paralyze or authorize a legal process has countless applications in many different sectors. To begin with, a store's machinery could refuse to accept payment with a card from work if it is a personal purchase and a contract has been signed that prevents it. Another example could be that a turbine that cleans the air is not activated in the morning if it detects that it has not been properly maintained according to the relevant digital contract.
In a future dominated by the Internet of Things (IoT) where bracelets with identification sensors predominate, it would be possible to discern whether someone is a minor and does not have authorization to enter a concert. Finally, we could think of the logistics sector, in a situation where smart barriers would not allow vehicles carrying dangerous goods to pass if they are not up to date with the corresponding insurance.
Zemsania's Smartcontract technology prepares an environment, as Miguel Viana explains in El Mundo, in which machines will not do anything that is not supported by a legally drafted clause. With the advantage that, in addition, contracts will be crypto-securitized, transmitted via blockchain and the traceability of the document can be controlled almost perfectly. «The controversy is that technologies such as blockchain are made, precisely, to hide the trace,» explains Viana. «We have to qualify that it's about taking a contract, introducing the metadata, tagging it and converting it into smart, packaging it and sending it through blockchain, but that our work is in the content.».
The key to this new solution is that there will be room for human interaction and, therefore, it will not be only machines that will be in charge of carrying out sensitive tasks related to legality: «The only one with the ability to draw up a Smartcontract will be a lawyer.», says Miguel Viana. For them, he concludes, there will be two types of training, one in which intelligence is given to physical contracts and another designed for the new generations, who will generate clauses already thinking that these will be connected. «Lawyers will have to draft the best possible meta-tagged contracts to ensure that when one thing happens, another clause will respond,» concludes Miguel Viana.
