Blockchain and smart contracts offer a secure infrastructure for value transfer and storage, but their potential multiplies when they connect with vast external data sources and off-chain API economies. By effectively utilizing data from various providers, such as IoT devices, payment systems, and other blockchains, smart contracts could become the standard form of digital agreements globally. The post delves into the data economy, explaining how data is generated, exchanged via APIs, and the significance of big data analytics. Understanding this off-chain data economy is crucial to harnessing the resources of smart contracts and data economies through additional infrastructure like oracles, which will be explored further in subsequent posts. Moreover, the text highlights how the integration of AI, machine learning, business management software, and cloud infrastructure is propelling the Fourth Industrial Revolution, enabling real-time data-driven decision-making with less human intervention.