One of the advantages of recent advances in technology is the reduction in labor and captial expense in getting new initiatives running. Accounting has long been a cumbersome process with peril if some one in the management chain is too busy to write checks to the right people, or if there is a disagreement about the terms and timings of when payments should be made.
We are entering an age of smart contracts that may automate much of this risk and ambiguity away. With smart contracts we can set up structures that automatically move money to each of the stake holders according to previously agreed upon terms. Unlike legal contracts, smart contracts don’t require human interpretation and action. They execute automatically like software.
At Jaaga Study we explore how much of our internal accounting process can be automated in this fashion. Digital Nomads pay a monthly fee and students pay by quarter. This money then gets directed to different people who provide space to live, electricity, water, waste, and internet. We also use this money to fund art projects, scholarships and local community service.
To do this we are developing a smart contract that routes fees to the appropriate groups, and then within the groups we have smart contracts that moves money to the people who actually provide the services.
It is an ambitious and exciting experiment to see if a community and collection of supporting small businesses can be managed by a collection of smart contracts. We’re flexible enough that I’m confident we can work around the challenges that will come, and I think we’ll learn a huge amount from doing it.
We already have a small community of Ethereum developers living with us here at Jaaga Study including Sumukh Shetty Quijano Flores, and Arseniy Klempner. We are looking to invite more people in who want to learn this technology and get experience using smart contracts in the ‘Real World’. The Ethereum Camp in The Singularity is growing. If you have some programming experience and want to learn more about Ethereum, or have already been developing contracts in Solidity and want to spend time in a community of people who is living this stuff please get in touch. We are specificially looking for people who can spend at least a month with us, but if you are a rock star in this world, we would be grateful to have you grace us with your presence even if its for a few hours.
We ‘Live In The Future’. Since smart contracts are the future. It’s time to start living with them 🙂