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madelyn
madelyn

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EVERYTHING YOU NEED TO KNOW ABOUT SMART CONTRACTS

What is a Smart Contract?
A digital contract similar to a physical world contract is known as a Smart Contract. It contains the rules for negotiating the conditions of an agreement. We cannot delete or change the agreed terms in a smart contract. It also helps businesses to carry out transactions and agreements easily at a low cost. Additionally, smart contracts do not involve any third parties.

Use Cases of Smart Contracts
Due to their beneficial values, smart contracts have extensive applications in different businesses. Let us see some of the use cases of smart contracts.

Voting
With the help of smart contracts and blockchain technology, the voting process is very much likely to support a secure, transparent, and cost-effective system.

Supply chain
Smart contracts provide real-time visibility in the supply chain. So, the sellers can track their inventory and avoid frauds and thefts.

Banking
Smart contracts enable a secure transaction between two parties without any third parties involved. The time and cost of this process is comparatively lower than the traditional method.
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Healthcare**
Smart contracts offer the facilities like insurance and storing a patient's medical records. This ensures the privacy of a person by safeguarding their data.

Conclusion
Over the past few years, smart contracts have gained more popularity and trust among people. But creating such effective contracts demand related technical knowledge and skills. However, a promising blockchain enterprise can provide valuable smart contract development services.

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