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How Can Blockchain Smart Contracts Promise A Smarter Future?

Smart Contracts hold tremendous potential for the way we build trust across businesses. Or the terms of conducting transactions of value. They are one of the key tech components made possible by blockchain technology. 

Blockchain smart contract development services are witnessing an unprecedented rise in demand leading to the proliferation of smart contract developers, smart contract consulting firms, smart contracts development companies, etc.  

Let’s delve into this space today to demystify some of the vital aspects of smart contracts.

So, What is a Smart Contract? 

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A smart contract is simply a program stored on a blockchain that runs when a set of pre-decided conditions are met.

The idea of a smart contract was first introduced in 1993 by cryptographer Nick Szabo, who was also a legal scholar. 

In blockchain-based smart contracts, money can be exchanged, services can be delivered, digitally protected content can be unlocked, or data can be defined, such as the names on land titles.

What Can Smart Contracts Do?

To begin with, smart contracts can be a viable substitute for the traditional forms of agreements implemented in the supply chain, real estate, financial institution, and even crowdfunding. Below are a few use cases of smart contracts – 

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Financial Security
Smart contracts can be used for liability management, automatic payments, stock splits, dividends, etc. 

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Digital Identity
Assigns individual identity in digital assets, prevents counterfeits and makes KYC effortless.

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Trade Finance
Smart contracts blockchain can be effectively implemented for cross-border payments and international trade.

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Supply Chain Management Enables better visibility, transparency, and automates the entire chain, leading to fewer frauds.

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Clinical Trial
Offers cross-institutional visibility, automates data sharing, and ensures privacy.

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Trading Activity
Bypass the need for intermediaries through a completely automated process. 

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Financial Service
Reduce human errors by digitizing different aspects.

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Government
Helps automate different functions with better transparency and efficiency.

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Insurance
Claims can be automated and disputes can be resolved with proof.

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Escrow
Automates escrow account, authenticates and improves trust.

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Mortgage System
Secure, faster, and trustworthy process. 

Benefits of Smart Contracts

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Dapps Mint Automation: Automation is the biggest strength of smart contracts on blockchain. As a result of this automation, organizations can automate certain aspects of their business. The system also resolves trust issues associated with some processes.

Dapps Mint Safe and Secure: Smart contract blockchains run on networks with immutable data, so the data generated by them cannot be altered. Thus, all the information stays completely secure.

Dapps Mint Interruption-Free: There is no interruption from a third party, as only the parties involved in the contract take decisions without having to wait for approval from a lawyer or broker. 

Dapps Mint Trustlessness: The whole system does not require parties to trust each other without any prior acquaintance. The decentralized nature of smart contracts along with blockchain security makes the whole network trustless. 

Dapps Mint Cost-effective: Smart contracts enable faster paperless transactions without intermediaries and the cost associated with them.

Dapps Mint Faster Performance: As compared to traditional approaches, autonomous smart contracts are executed much faster since all the parameters are pre-defined. It just needs to match them before it starts executing.

Dapps Mint Accuracy: Smart contracts are accurate and error-free as long as they are coded correctly. 

What Does The Future Hold?

A successful business is one that embraces innovation. Smart contracts open new avenues to conduct business more securely and smartly. 

Intermediaries will no longer be required to process private transactions. It will be possible for disruptive fintech companies to interact with systemic financial infrastructure. Especially, with some of the best smart contract auditors and blockchain smart contract developers available in the market today. 

With smart contracts, even online sales could be handled through escrow agreements between buyers and sellers. Rather than allowing the seller to spend the cryptocurrency, the contract will freeze it. Until the buyer confirms the goods have been received, the seller cannot spend the cryptocurrency.

Fast, transparent, and secure, are the pillars of smart contracts in an era of instant gratification, accessibility, and privacy. It’s safe to say, “The future is definitely smart”.

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