How Blockchain and Smart Contracts are Making World a Better Place?

by Charvie Malhotra Marketing Manager

Almost half of year 2018 is passed.

To maximize business prospects and to successfully generate revenues in rest of the year many corporates are adopting blockchain.

Mind it!

If you fail to adopt blockchain technology, your business will lag behind.

In fact, for intelligent businesses it is a top priority. All smart professionals are adopting it. Best is that the time it takes is minimal, but impact is huge. So, why aren’t you?

A million-dollar question come up here is what makes a blockchain so decisive.

Rest easy!

No need to go in much depth. The outstanding feature that makes blockchain so crucial in today’s era is none other than ‘Smart Contract’.

And it is no more a secret that including smart contracts gives power and business platforms more secure and autonomous.

Crux here is that, introducing smart contracts in transactions is a great way to bring in 100% safe, decentralized system.

Before going in much depth let’s first understand what all is a smart contract.

You can also contact experts at top blockchain development company in Chandigarh i.e. Webcom Systems to get quick answers.

What is a ‘Smart Contract’ in blockchain?

To comprehend blockchain in-depth read our blog what is blockchain technology. In this bog post we have thoroughly covered what’s blockchain and mode of working etc.

Now, let’s begin with smart contacts. Right!

A smart contract is a computation program that occurs on a blockchain.

It is just a pre-written programming code that carries out given commands automatically.

To put in other words, it’s an intangible protocol that users need to cross for execution of a financial transaction. Most exciting thing is that as no human interference occurs at any stage therefore it significantly trims possibility of hacking.

Smart contract facilitates a user to exchange money, assets, shares or any sort of valuable goods in a transparent mode. It further plays a decisive role in situations like healthcare, credit enforcement, contract breaches, legal processes and crowd funding agreements.

Crux here is that, smart contract means Autonomy, Reliance, Backup, Security, Speed and Savings all in one spot.

Benefits of smart contracts

1. Exclusion of third parties

Unique peer-to-peer ownership transfers powered by smart contracts completely rules out third parties like banks, accountants, middleman, tax agencies etc. Therefore, smart contract assists to streamlines business operations.

2. Smart contracts endow security

As mentioned earlier smart contracts are completely computational protocols that executes on-its-own. Moreover, all codes are stored in an encrypted form thereby making it literally impossible to copy or replace data. Specific private key given to each user make security air tight and hence completely rejects chance of any fraud.

3. Brings lightening pace in operations

Smart contracts are completely computer backed operations hence require no paper work. And this is not only a matter of convenience, but also of speed. All in all, cutting of paper and legal procedure simply means absolute freedom from time killing activities.

4. Negligible processing fee

Processing fee is the amount an exchange charges it users for making a transaction. Processing fee is indirectly proportional to profits i.e. more the processing fee, leaner will be the profits. Best is, smart contracts reject all possibilities of intermediates, paper and legal formalities and hence processing fee is also insignificant.

Snapshot of 4 powerful ways that smart contract platform offers

1. Enables a business to execute business processes or transactions even with unknown clients sitting far away across national borders.

2. Enables a business to connect online operations with smart contracts in order to beef up their security, speed and reliability.

3. Enables a business to escape to time killing and costly legal procedures.

4. Enables a business to use smart contracts as an enforcement agent.

Conclusion

Blockchain technology is unarguably a path breaking next generation decentralized technology. But the arrow in its quiver that makes it sharper is none other than ‘Smart contracts’.

The autonomous execution power of blockchain contracts holds significant opportunities. Opportunities generated by it are potent enough to bring social, financial and technical changes in the world.

In short, more you will make your business operations smart contract enabled better will become your chances to gain edge.

However, this is certainly not the end. Smart contract holds unlimited opportunities which only depend on ingenuity of its users.

Let’s see what more innovations are waiting in future.

Till then you can connect with experts at Webcom Systems – the best blockchain development company in India to understand the prospects of smart contracts.

Stay tuned for more!