Smart Contracts and Uses

What are Smart Contracts?

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

The best way to describe a smart contract is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever falls into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does but also automatically enforce those obligations. If you are looking for a more detailed walkthrough of intelligent contracts, please check out our blockchain courses on intelligent contracts.

 Smart Contract Example:

Here is the code for a primary smart contract that was written on the ethereum blockchain. Arrangements can be encoded on any blockchain, but there is mainly used since it gives unlimited processing capability.

How are intelligent contracts beneficial?

Government

Insiders vouch that it is tough for our voting system to be rigged, but intelligent contracts would allay all concerns by providing an infinitely more secure system. Ledger-protected votes would need to be decoded and require excessive computing power to access. No one has that much computing power, so it would need God to hack the system. Secondly, smart contracts could hike low voter turnout. Much of the inertia comes from a fumbling system that includes lining up, showing your identity, and completing forms.

Management

The blockchain provides a single ledger as a source of trust and saves possible snarls in communication and workflow because of its accuracy, transparency, and automated system. Ordinarily, business operations must endure a back-and-forth while waiting for approvals and internal or external issues to sort themselves out. A blockchain ledger streamlines this. It also cuts out discrepancies that typically occur with independent processing, leading to costly lawsuits and settlement delays.

Healthcare

Personal health records could be encoded and stored on the blockchain with a private key which would grant access only to specific individuals. The same strategy could be used to ensure that research is conducted via HIPAA laws (securely and confidentially). Receipts of surgeries could be stored on a blockchain and automatically sent to insurance providers as proof-of-delivery. The ledger, too, could be used for general healthcare management, such as supervising drugs, regulation compliance, testing results, and managing healthcare supplies.

Automobile

There’s no doubt that we’re progressing from slothful pre-human vertebrates to super-smart robots. Think of a future where everything is automated. Google’s getting there with smartphones, smart glasses, and even smart cars. That’s where intelligent contracts help. One example is the self-autonomous or self-parking vehicles etc.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.