Based on the famous legend, NASA was faced with the problem that in weightless conditions the ballpoint pen didn’t function, spent a fortune on the development of the pen that could write in space, which resulted in the creation of Fisher space pen. While the Soviet Union Cosmonauts chose a simpler and thrifty way to use the pencil rather than the pen. (Of course, we know that this story is partially fictitious; Fisher space pen independently was produced with their company’s funds and was sold to NASA after completion. Even after a while, the Soviet astronauts who always used pencils, oil pencils and plastic tablets for writing down, in 1969, for safety reasons, they purchased one hundred Fischer space pens for next missions). However, this story has been narrated for many years in management classes, to convey the advantage of the Soviet approach over American. It means a great focus on writing in space instead of writing with the pen.
Unfortunately, in Blockchain society, the main focus is only on possible solutions for consensus, and the types of proof-of-work mechanisms, proof-of-stake, the delegated proof of stake, etc. are proposed with such mentality. But if we concentrated on the main problem, we will have much more affordable and cheaper solutions. There is no need to create multiple alternatives from a block to choose the correct one by spending a lot of energy and using the types of consensus mechanism. Rather, we need to get the flawless data that can be transmitted without interruptions when transactions are made. There may be several ways to do this, but the most tangible way is to use a smart contract. We have named this method “Smart Blockchain“ for this reason.
Smart Blockchain needs neither a financial institution nor intermediary, meanwhile, there will be no task to do for miners and block producers in this technology. In Smart Blockchain, one or more smart contracts collect accurate and flawless data from the successful transactions of a decentralized network at the moment of transaction occurrence and simultaneously store and register these data in new blocks like an accurate and trust financial institution but free of charge and at all time.