A Smart Way to Manage Business: Smart Contract
Blockchain Application 1: Smart Contract
What is Smart Contract?
The buyer-seller agreement written by code on the blockchain network.
The control is practised by code automatedly without any involvement by intermediary, so the deals are time-saving, trackable, transparent and irreversible. We will illustrate more benefits later.
Read more about Blockchain: 5 Minutes for Basic Knowledge about Blockchain
The concept of smart contract started from 1994 before the time Bitcoin was invented. The aim of this kind of contract is to standardising complicated form for lowering expenses.
How the Smart Contract Functions?
The main statement written in code on a blockchain is “if/when…then…”, so when the conditions are met, the next step would be executed. After completed the actions, the blockchain would be updated. Nowadays, companies can use online tools to establish the smart contracts.
The most popular smart contract platform is Ethereum because it’s the first-mover in the market, but it is not the only platform. Besides, it is an open resources, so everyone can create it. The smart contract can be programmed by using the object-oriented languages like Solidity, Web Assembly, and Michelson. However, when you execute the contract on Ethereum, you will need to pay “gas”. Once the smart chain is placed on a blockchain, nobody(including the creator) can changed it.
What are benefits of Smart Contracts?
- Time-saving: without intermediaries to the transactions
- Security: hard to hack
- Transparency: also because without intermediaries and encrypted information
- Efficiency and accuracy: without paperwork and manual actions, the transactions could be done automatedly
What are applications of Smart Contracts?
- Medication supply chain: increasing transparency by providing trusted information among the chain
- Retailer-supplier relationships: building stronger relationships by higher supply chain visibility
- International trade: simplifying regulations and trading choices to speeding up the process and decreasing risks
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