The Blockchain Tech is not less than any miracle. This decentralised technology or say the Distributed Ecosystem has eliminated the involvement of the third parties or any middlemen.
Describing in simple language, this is a network of computers having an identical or shared database and changing records by a common agreement based on some mathematical calculations. The Blockchain is the technology behind all those names like Bitcoin, ethereum and other virtual currencies.
There are many concepts and application related to blockchain technology. With ever-increasing innovations and creativity, these have given rise to various concepts that has turned the business into the digital business world.
What are Smart Contracts ?
These Smart Contracts functions are like the contracts done it the real life. The real world Contracts involve two or more parties and you need to fulfil some formalities. But the smart contracts employ the same principle but this is done via some algorithms and is able to operate automatically.
These contracts are enforced by cryptographic encoding and have the strongest technology behind it. The scope of smart contracts is huge. These self-executing documents can be used to exchange services, property and currency. Being Smarter by nature these are even secure and transparent in concern with making online transactions. With the support of blockchain technology, these contracts are stored on blockchain, which is immutable and cannot be tampered.
Being the greatest digital Assets this offers benefits which follow -
Independent – You don’t need to depend on intermediaries. This cuts costs, Increasing efficiency and lowering the cost this helps you to integrate digital contracts and prevents fraud from a third party.
Security – Smart contracts, which are encoded into the blockchain, are just as secure. These are tamper proof and helps you to store your records in the database.
Speed – Not only being secure, the contracts are fast and accurate. Not that these eliminate the third party but as these are monitored by the blockchain, this gives instant results.
The future is definitely Smart, with Smart Contracts. This is not only for business transactions but this will be going the transform the Healthcare Industry, Government, Real-estate and more. Various Business organisations are exploring the true potential and are started Smart Contract Development, which is one of a versatile component of Blockchain.