Commerce generally operates on a centralized model where counterparties transact with each other by means of trusted intermediaries such as financial institutions that serve as a conduit for parties in financial transactions, retailers that purchase goods from manufacturers and sell them to consumers, and websites/mobile apps like eBay, Uber and Airbnb that facilitate the purchase of goods or engagement of services to be provided by third parties. The centralized model creates dependence on the intermediaries and adds costs to each transaction to compensate them for their involvement. Smart contracts, however, can help reduce reliance on centralized systems, avoid the costs of using intermediaries and provide other benefits.

from Forbes – Tech http://ift.tt/1oXPLwX
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