What are Smart Contracts?
Smart contracts are virtual contracts encoded in Blockchain. It consists of a set of tasks that has self-executing nature. It can automatically keep track of the terms of an agreement and enable every step towards its fulfilment. When hosted on the Blockchain, a smart contract cannot be altered or interfered by any party, including the two agreement holders. If changes have to be made the entire network has to be altered.
Evolution of Smart Contracts
If you are not information deprived, you probably have heard about Blockchain. Termed as a transparent and an incorruptible digital ledger of economic transactions, Blockchain is a technology that can be leveraged to not just record financial transactions but anything that has value. Currently, the financial industry holds a high level of acceptance to this technology and thus acts as a strong use case of Blockchain.
This technology is creating a revolution in recent days as it promises to deliver the highest rate of accountability by guaranteeing the validity of any transaction. Blockchain is a network of computing nodes. It functions in a simple way by storing information across its networks that cannot be managed or controlled by any single entity and it poses to have no single point of failure. There is absolutely no space for manipulation with this technology. Totally decentralized! Smart contracts are software linked to the Blockchain. Smart Contracts have evolved along with the new possibilities in the software development scenario. The release of Ethereum in 2015 enabled the very first implementation of smart contracts.
Where are Smart Contract used?
Business automation is getting serious these days as cutting costs, saving time, reducing manpower workforce and executing every process in a secured way is critical. Smart Contracts have the capacity to address this niche and they are here to improve your business.
Advantages of Smart Contracts
- Decentralized execution
- Associated with Cryptocurrency
- A self auditing mechanism of digital value
- A network of computing nodes
- A shared public ledger
- No failure
- Can create multiple business models
Execute any business idea without manipulation, delay and without the intervention of intermediaries. Automate and secure every task with Smart Contracts. Contact OpenXcell for further information. Our team can design smart contracts and help in auditing them too.