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Smart Contract... It is a technology that was first developed on computers 🖥️ 30 years ago. However, the world did not know much about smart contracts until the Ethereum blockchain was created in 2015, and its governance token called "Ether" or ETH with EVM which is the "Ethereum Virtual Machine". Smart contract technology is a system that allows the execution of tasks or the fulfillment of a promise to make a contract directly without waiting for someone or others if the conditions of the smart contract are met or if the rules for which smart contracts are designed are implemented (such as predefined conditions), so that as soon as the conditions are met, it will only execute the task. For example, if you are a businessman: In smart contract technology, it is designed that if I send you money, it will immediately give me the goods whether you want it or not, whether you are sleeping or your eyes are open, as long as the smart contract confirms that the money has entered your wallet, it will release the goods. ~ The smart contract is also designed to store information about this transaction, so it will store "Date 📅 that is, the day" and it will store "Time ⌚ that is, the time, at what time the transaction was made". Then it will store information about "Quantity or Amount like how many Naira I sent you, how many items I gave you". For example, you buy 10 CORE, when you buy it, the smart contract receives USDT, takes CORE and gives you, and stores everything on the blockchain, it will store the amount of USDT you gave and gives you 10 CORE, and it will store time, date and seconds. If we understand this, we will understand that it is like paper work combined in one place. I will buy goods from you, you will write a receipt 🧾, you will put the Date, Time, quantity of goods and a stamp or signature, which are attached to the self-exemption on the smart contract and placed on the Blockchain. And we will understand that it is a physical meeting, in short, a machine is carried out on behalf of the person to obtain evidence, to find a writer, and the office where we will enter to do the transaction, and the discussion that we will have, all of which are combined in one place and the smart contract will do it in one second. All these activities are completely without a person in the middle, the smart contract is only done between the buyer and the seller, eliminating intermediaries or middle men, central authority or central body. It is a completely decentralized system. If you go to the block explorer of any blockchain, you will see everything that has happened and what is happening. And it is a system that a person cannot erase, there is Immutability. Even if the smart contract is Expired (Yes, there are smart contracts that are designed with limitations, even if they are Expired, the information about everything is on the Blockchain where the transaction was made). ~ That is, there is high Immutability and no one can change anything. Also, a smart contract can be programmed to perform a specific task at a specific time, for example: every Friday at 11 pm, the RENEC blockchain releases everyone their RENEC coins, as soon as the day and time are right, you will see it executed. ~ It is not done by a person, the smart contract has already been programmed for years to do this task, then there is a time before it stops working. Or every end of the month in previous years, it used to release CORE holders tokens, as soon as the end of the month is right, you will see it executed. Vitalik Buterin, who came up with the smart contract technology that the world now knows since Ethereum, used the work that Nick Szabo did in 1994. ~ Nick Szabo was the first person to come up with smart contract technology in 1994, but there was no platform that could collect data or execute it. Later in 1996, there was the "Ricadian Contract", and in 2015, Vitalik Buterin came up with Ethereum using the Solidity Language, after Rust and others who used them for about 7 years on Ethereum. ~ Vitalik Buterin is still not more than 32 years old in the world, a child or a teenager. Vitalik Buterin combined the work of Nick Szabo in 1994 with the technology of Ricadian Contracts that helped him create the Ethereum Platform, which became the first place where different smart contracts were created. Before Ethereum was created in 2015, smart contracts could not be created without creating a private blockchain. But with the creation of Ethereum and the EVM (Ethereum Virtual Machine), it became possible to create smart contracts even if a new blockchain was not created. Ethereum became a place where smart contracts were created directly and easily.

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HSBC Holdings has launched Hong Kong’s first blockchain-based settlement service. It has launched a tokenized deposit program that converts traditional bank deposits into digital tokens on a blockchain platform. The initiative marks a step forward for fintech development in the city. Around-the-clock transfers between HSBC Hong Kong wallets and real-time payments in US dollars and Hong Kong are made possible by the tokenized deposit infrastructure for corporate clients. According to Lewis Sun, HSBC’s global head of domestic and emerging payments, the service has the potential to reduce costs and processing times compared to traditional banking systems. “Tokenized deposits, when supported by regulated financial institutions, can offer a safe and fully compliant approach to improving payments and cash management for companies,” Sun stated . He added that Hong Kong’s position as an international financial center committed to digital money innovation makes this service a new benchmark for efficiency in corporate digital money solutions. Related: Hong Kong’s Stablecoin Bill Passed to Strengthen Virtual Asset Regulations Ant International, an affiliate of Alibaba Group Holding, became the first client to complete an instant fund transfer using the deposit tokenization technology. The successful transaction followed a pilot test between HSBC and Ant International on Ant’s blockchain-based Whale platform. Following the pilot program, HSBC adapted learnings from the joint innovation to develop its tokenized deposit service, according to Ant International’s separate announcement. Kelvin Li, Ant International’s general manager of platform technology, noted that tokenization serves as a link between blockchain technology and conventional banking. “Through industry public-private collaborations and by working with leading partners, we aim to unlock more transparent, accessible, and efficient treasury management solutions for businesses worldwide,” Li explained. HSBC’s tokenized deposit service operates as the first live initiative supported by the Hong Kong Monetary Authority’s (HKMA) Supervisory Incubator for Distributed Ledger Technology. The bank joined several financial institutions in completing proof-of-concept use cases under the HKMA’s program designed to foster tokenization market development.In August 2024, the HKMA unveiled a central bank digital currency testing regime. This permitted HSBC and five other participants to experiment with tokenized money for digital asset transactions. This initiative brought Hong Kong closer to implementing interbank settlements through blockchain technology. The regulatory framework provides a foundation for financial institutions to explore blockchain applications and also maintain compliance and security standards needed for traditional banking operations. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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