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3 Real World Advantages Of Blockchain Smart Contracts
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Best Smart Contract Development Company Services: Smart contracts are protocol of digital transactions which execute after fulfilling set of contract rules. Smart contract transactions take place without any intervention of third entity. Blockchain smart contracts are decentralized and data set entered in the contract is irreversible. Blockchain smart contracts are secured by cryptography. All the data are stored in decentralized way as in case of any other Blockchain data. This is the most transparent way of transactions between two parties. Whole transaction process is automated.
Following are the real-world uses of smart contracts
1. Business Contracts – Two business houses can contract offline by hiring a legal counsellor and finalizing the business terms. This may cost both parties their time, effort and money. Later, there can be a dispute even regarding the contract or contract terms. Blockchain technology solves this pain of business world through smart contracts. It devises a way to do the business transparently without any hassle. Once mutually agreed business terms programmed in the smart contract, it can’t be modified by any one. It works like if a manufactured item has been shipped then manufacturer should receive the payment. As smart contract receive the data shipped, it releases the payment to the manufacturer automatically. It doesn’t require intervention of anyone.
2. Smart Contracts in Education – If academic data of an educational institution is on Blockchain, then smart contracts can be defined. For example, in the process of admission it can be applied. Suppose if a college has cut off marks 96% in 12th board then there can be a smart contract written. The programmed smart contract will select profile of such students whose result on blockchain shows 96% or more marks. Another contract terms can be who have desired for admission in the college. The blockchain smart contract can pick right candidates and apply or accept applications automatically. It can reduce a lot of hassles to the students and to the colleges.
3. Blockchain Land Titling - If the land related data of the registry office brought on Blockchain, things will be quite transparent and there will not be any fraudulent complain. Smart contracts development with land details can reduce the hassle drastically. First of all replication of ownership will not be possible. A land can’t be sold to more than one person. Like for title clearance check there won’t need to follow the stringent offline process. Blockchain data will showcase the whole history of ownership of the land in question.
Source - http://gemsdigitalmedia.com/
The above examples of real world uses of Blockchain smart contracts that how beautiful (free from fraudulent) this world can be by using the silver bullet technology Blockchain. Blockchain reduces the hassle, make transactions transparent, and transaction data are highly secured. Blockchain technology is surely going to revolutionize the world with what it is promising. Only the thing to watch in regard to Blockchain technology is, how early this world hugs it. As early it will be applied that early this world starts experiencing the power of this technology.
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