Smart Contracts

You probably heard about the second most popular Cryptocurrency, Ether. This token (ETH) is generated by the Ethereum blockchain. The particularity of this Blockchain is to feature Smart Contracts.

A Smart Contract is a protocol intended to validate, enforce, or facilitate the negotiation or performance of a contract. We discovered that Blockchain could reduce our needs of Intermediaries such as banks and governments.

To summarize, Contracts help you whenever you want to realize an exchange that would need the services of a middleman.

How Smart Contracts Help You:

In a contract approach, an asset transferred into a program. It runs the code, which at some point will validate a condition and automatically determine whether the asset should go to one person or back to the other person or any other possibilities designed in the smart contract. In the meantime, the decentralized Ledger also stores and replicates the document, which gives it specific security and immutability.

Contracts will be able to find their position in our world in multiple domains. The Smart Contract would provide an infinitely, more secure system for any voting process. Moreover, becoming fully digital, the vote based on smart contracts could help the youth to engage themselves more.

Smart Contracts

Smart Contracts can also find many more use cases in the Management, Supply Chain, Real Estate, and Healthcare system. Smart Contracts give you:

  • Autonomy (no middleman)
  • Trust (documents can be encrypted)
  • Back-up (the whole network as the trace of the encrypted documents)
  • Safety (encryption keeps your documents safe)
  • Speed (Automation is quicker than paperwork)
  • Savings (avoid the fees of the middleman)
  • Accuracy (Automation avoids human mistakes)

Obviously, as a new technology, smart contracts have unsolved problems yet. Those new challenges are yet dissuading society to adopt smart contracts. However, we can believe it will be solved in the future.