Can Smart Contracts Exist Without The Blockchain?by Blockchain council Blockchain certifications
With Blockchain revolutionizing every industry and it unfolding new modes of influencing business operations positively. In the times to come, we are going to see some significant developments in this field, but one thing that needs a mention here is a smart contract. These digitized contracts are pre-programmed and are executed once the conditions are met. These are going to be the future, and if you are planning to become a smart contract expert, then you must choose smart contract certifications.
The functioning of a smart contract-
We have already mentioned about smart contracts, but how do smart contract works? Its important for anyone who wishes to become a smart contract expert needs to have a complete understanding of these contracts.
To explain it in simple words; these are digital contracts that are facilitated online; they verify and enforce the negotiation of the contract. One of the key factors that you must know about these contracts is that they are executed digitally on a Blockchain platform and are not governed by the third party.
These automated contracts have pre-defined rules which facilitate the exchange of goods and services. This is to enhance transparency in the system and reduce the fees and assuaging the probability of conflict over non-performance. There is no room for interpretation of all the terms of the contracts. While drafting smart contracts, smart contract experts are written precisely, ensuring that conditions are apt and clear.
Bridging Blockchain with modern contracts-
These contracts are meticulously designed by smart contract experts and are crafted to execute once the conditions of the contracts are met without the intervention of third parties. In case of breach of contract, the party is not damaged by it.
The funds in case of smart contracts are kept with escrow, and there is no need for a third party or any legal framework like a broker. The agreement protects each of the contributing parties. If one of the parties fails to meet all the terms of the contract, the other parties get to kee the funds. Since there is no intervention of the third party, you don’t have to spend an extra amount in the form of fees. All this is because smart contracts operate on a Blockchain platform. Apart from being fast, the Blockchain platform provides transparency and security of information.
Many online platforms are working in this field, and one such example is Jincor. It provides a simplified Blockchain platform that handles trade agreements and employment contracts.
Can smart contract work without Blockchain?
This brings us to the next important question, can smart contracts work without Blockchain. Well, smart contracts are digital contracts which are formed to aid faster transactions, cost-effective solution and security of information. If we expect these digitized contracts to work without Blockchain, then it will not have additional features like no third party intervention, the security of data, faster transaction, etc.
It may be possible to run smart contracts on a digital platform, but then you will not get the same benefits that Blockchain provides you.
How can you become smart contract experts?
In the times to come, smart contracts are going to be popular, and there will be a need for smart contract experts. To become an expert in this field, you need to enroll for a smart contracts online course. Blockchain Council is one of the leading platforms providing smart contract certifications. With this smart contract online course, you will get to know how to form a smart contract and how to program them. It is a comprehensive smart contract certification that will cover all aspects of smart contracts and will help you become a smart contract expert.
Created on Mar 23rd 2020 02:28. Viewed 547 times.