What is Smart Contracts?
Smart contracts can be defined as Blockchain-based computer protocols which are virtual versions of regular contracts and are coded with predefined conditions. Smart contracts aim to offer high security while reducing transaction costs associated with conventional methods– traits that make them favorable alternatives to regular contracts.
What can Smart Contracts do?
It can function as joint account so that funds can be spend only when all the parties agree unanimously.
- Manage agreements between users in the network.
- Provide utility to other contracts like a software library.
- Store information about an application such as domain registration information and such.
Attributes of Smart Contract Development
Since Smart Contracts operate on validation of conditions, they can automate various procedures and operations in a business. A decentralized and verifiable network allows a minimum margin of error and excludes the need for third-party agents. Lesser human administration also means cheaper, faster, and efficient operation.
Reduced Costs & Risks
Automation of tasks with code based Smart Contracts with minimum or no human intervention reduces processing cost and conventional contract costs.
A decentralized process eliminates the risk of fraud since the network is managed by the entire network, as opposed to an individual or party.
More Accuracy & Immutable System
Smart Contracts are immune to human error and facilitate faster business operations.
Smart contracts are forever. Once it is in place, the code does not change. This provides a trusted environment for the users.
Scope for New Models
Smart contracts work well in any data driven businesses model. They can efficiently track time, date, weight, temperature, payments and other quantitative variables and respond with predetermined conditions.
Reliable Autonomous Agents
The blockchain-based autonomous system lets you automate your business process and respond accurately right on time.