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Blockchain Smart Contracts: Applications, Challenges, and Future Trend
Smart contracts run on decentralized networks whose ledgers cannot be tampered with or changed after registering a transaction.
Smart contracts is a topic that has grown in significance in recent years, as they more frequently become the go-to solution for ensuring security and visibility for all parties engaging in a binding agreement.
In this blog, we’re going to take a look at smart contracts — what they’re all about and how they’re being used across different industries.
What are smart contracts?
Smart contracts are programs that execute based on specified logic and agreements. These programs run on decentralized networks whose ledgers cannot be tampered with or changed after registering a transaction.
A Solana smart contract, for example, stores details of the transaction in the ledger of every computer on the network — the information involved in the transaction can’t be altered by any party, not even the Solana Foundation itself.
Smart contracts are a reliable way to carry out transactions requiring trust, transparency, and anonymity among stakeholders.
Background
Following the launch of Ethereum — the first smart contract platform that runs on blockchain technology — the rollout of subsequent smart contract platforms on blockchain, directed acyclic graph structures, and other distributed ledger technologies (DLTs) have become popular.
Many applications have rolled out on these smart contract platforms, with the most popular being decentralized finance (DeFi), where participants can trade assets anonymously, unlike traditional finance systems, which have a lot of state- and federally-mandated restrictions.
Blockchain platforms
Below are listed examples of popular smart contract platforms:
Directed acyclic graphs (DAG) platforms
Popular DAG platforms include:
The advent of smart contracts and the token economy has opened up various sectors of the global economy in methods of transactions and ownership due to the numerous possible applications they can fulfill.
Let’s jump in and review some unusual applications of smart contracts in different industries.
Key aspects of smart contracts to note
- Smart contracts are programs built on decentralized distributed ledger technologies (DLTs) that execute based on specified logic and agreements
- Smart contract platforms include Ethereum, Cardano, Solana, and Fantom
- Smart contracts can help reduce document forgery and increase accessibility
- Distributed ledger technologies (DLTs) make smart contracts a good option for administrative payments since they are inexpensive to maintain
- Supply chain technology built on smart contracts is more effective and can help unlock value and reduce wasted resources
- The token economy, which runs on smart contracts, unlocks new markets and opportunities, making it easier to buy and sell properties and raise funds
- Smart contracts can help with reducing identity theft, giving users privacy and control over their identity
- Other places smart contracts can be utilized include; the Internet of Things, data science and machine learning, and legal contracts
Document preservation and accessibility
Certificate and document forgery has been a significant issue individuals and institutions have faced for years. Physical and digital documents are prone to loss, and there are often no means to authenticate certificates quickly without contacting the issuer, which is a lengthy process.
In cases where timely and secure authentication is required, smart contracts can help eliminate the complexities of the process, ensuring the authenticity of a certificate or document using the explorer of the underlying distributed ledger technology (DLT).
The certificate’s public key is scanned on the explorer in this case, and since the DLT cannot be altered, the certificate’s authenticity can be trusted.
Distributed ledger technology also aids the preservation and availability of files since copies of the ledger are maintained across numerous servers.
Using smart contracts for document preservation and accessibility ensures:
- Patents and copyrights are verifiable and foolproof since a smart contract’s timestamps cannot be altered
- Files are easily accessed
- Documents exist on various computers on the network
- Document validity can be checked easily
Administrative payments and billing
Monetary transactions require high levels of trust and transparency — especially important for companies in industries which deal with large volumes of financial transactions, like insurance.
When we consider existing traditional money management processes like escrows, for example, they can be susceptible to rare human interference.
Payrolls in their current form for organizations operating in a global supply chain frequently lack self-sustainability because the global banking system is complicated and paying employees and managing streams of transactions from different countries can be difficult.
This is because many countries operate with differing systems that typically require some kind of mediative process in transactions — this can be problematic in an increasingly remote-first world where location is less of a factor in employment and business than it’s ever been.
Additionally, other areas of use, like national tax systems, can benefit as previously inefficient administrative costs and maintenance can be reduced.
Smart contracts provide solutions to these payment problems as they are transparent, secure, and inexpensive to maintain. In addition, they have a long lifespan and can be easily automated to suit whatever payment need process is in question, curbing the mismanagement of funds.
Use cases for smart contracts in administrative payments and billing include:
- Payrolls
- Taxation
- Pensions
- Insurance
- Bill payments
Statistics collation
The decentralized and transparent nature of distributed ledger technologies can be of great use in areas like polling, notably voting processes and other statistical collations.
Smart contracts for voting, population censuses, and statistical collation aid in building confidence in outcomes, since no one individual or organization can preside over the collation of data and reading of results — everyone can see the facts and figures for themselves.
Smart contracts can be programmed to feed the state of the process as they go live — as a result, it’s easier for users to accept and trust the process.
The benefits of using smart contracts for statistical collation include:
- Improved accuracy of results
- Reduced cost of elections
- Trusted results due to process transparency
- Fewer resources needed for the collating of data
Health and agricultural supply chains
The Food and Agriculture Organization of the United Nations estimates over one-third of food worldwide is wasted, and this loss is estimated to be worth approximately $940 billion. They estimate around 957 million people across 93 countries do not have enough to eat.
In the health sector, there are numerous cases of wasted medicine and materials which could have found purpose in other medical facilities; but due to the lack of a system that keeps track of what is obtainable, are not received.
Smart contracts could reduce, if not eradicate, the wastage of food and medical supplies, among others. An IoT smart contract can be written to assign public keys to packages whose data would exist on distributed ledger technology, along with the package’s location and — if necessary — the medical facility that owns it.
This way, stakeholders are able to access their needs and we can find matches between markets and commodities more effectively to build more efficiency.
A good use case for these types of smart contracts would be a situation where different blood types are available in separate locations, but facilities are lacking the visibility necessary to procure them. Thanks to smart contracts, it’s possible to remedy this and allow further flexibility within supply chains to respond effectively.
Using smart contracts for health and agricultural supply chain management means that:
- Proof of existence can be easily accessed
- The location of a commodity can be traced and updated seamlessly
- Matchmaking is more accessible and can be done on a global scale
Real estate and crowdfunding
The token economy opens a broader range of opportunities when it comes to what is obtainable with real-world assets, creating markets that are readily, easily accessible and offer a broader scope of products than what currently exists.
The token economy changes how commodities are bought and sold and how funding can be raised for big projects.
Currently, if a project is to be built and funding raised, this requires lots of paperwork and time — both increasingly valuable resources in a digitized world. However, using a smart contract for the same process is a matter of clicking a button and signing on to a wallet.
In addition, various parts of an asset can be tokenized in such a way that different people can hold and own portions. They can sell them at any time on designated markets, just like how we’ve seen non-fungible tokens (NFTs) trading skyrocket.
Properties like real estate can be sold online at any time without the lengthy process and paperwork involved because of a smart contract. This is one of the numerous ways smart contracts create new market opportunities and provide flexibility.
The benefits of using smart contract technology in real estate and crowdfunding include:
- Ease of use
- Tokenization of more tangible goods
- Open, timeless markets
- Flexible global economy
Identity management
Existing technologies used to prevent crimes like identity theft aren’t as effective as they should be, as many of them do not give the owner total control of his data and the information they choose to give out.
Digital Identifier (DIDs) smart contracts built on distributed ledger technologies (decentralized) give individuals total control of their data and allow them to share the content of their data as they please, increasing security and reducing the possibility of data mismanagement or a breach.
Smart contracts help ensure the following for identity management:
- Identity safety
- The user chooses the data they give out
- Easier KYC verification
Conclusion
Distributed ledger technologies allow for flexibility and better resource management while helping us with accountability and increasing trust in our daily financial activities.
With the increase of smart contract implementation across virtually all industries to varying degrees, smart contracts are a trend we can expect to become accustomed to.
Original article source at https://blog.logrocket.com
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What are smart contracts?
Smart contracts is a digital code stored in a blockchain and automatically executes when predetermined terms and conditions are met. In Simple terms, they are programs that run by the setup of the people who developed them.They are designed to facilitate, verify, and execute a digital contract between two parties without the involvement of third parties.
Benefits of Smart Contracts
Greater efficiency and speed
Accuracy and transparency
Trust
Robust Security
Independent verification
Advanced data safety
Distributed ledger
Ease of use
Open source technology
Better flexibility
Easy integration
Improved tractability
Where could smart contracts be used?
Today Smart contracts are used in various platforms such as supply-chain management,cross-border financial transactions,document management,enforceability and more. Here are the Sectors where smart contracts plays a huge role ,
- Supply chain management
- Insurance
- Mortgage loans
- Financial industry
- Trade Finance
- Government
- IT Sector
- Records
- Property ownership
- Medical Research
- Voting
- Peer-to-Peer transactions
- Product development
- Stocktaking
Steps For Successful Smart Contract Development
There are a few Important things that you need to consider before you develop a Smart Contract,
Ask Yourself -
- Do You Need A Smart Contract In Your Project?
- How can i Implement Smart Contract in My Business?
- If yes, Find out Your Business Requirements
- Plan your Requirements
- Find a Trustworthy Smart Contract Developer
- Develop , Test Your Smart Contract
Ready to develop your smart contract?
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With the advent of smart contracts, it has become possible for every business to secure its data and to determine success. It is a decentralized solution that enables you to do many tasks while executing in the most optimal manner. All the entrepreneurs and business owners who have adopted this mechanism have received great results. In order to access this service for your company, you need to team up with a smart contract development company. By doing this, you enhance the power of your solution and make things very seamless.
What makes a smart contract a perfect solution for my business?
A smart contract enables you to achieve various feats that seem unfathomable. Also, you get to protect the information of your enterprise in the best possible manner. When you have the power to expand your operation, you should be wise enough to choose the most appropriate solution. There are times when you have to think of something exemplary, it also gives you more about the perfection of the tools. At such a time, you need to have a proper understanding of the features and get things planned in a permanent fashion.
It does not matter which domain you are related to, you get to think about the possible solutions from every domain. Also, you get to manage various other tasks that seem very difficult otherwise. Before you introduce this ledger-based framework in your firm, you need to ready for the outcomes. Every time you come across a decentralized network, you start to pave way for something more dynamic. This gives you the power to react on time and with more efficacy for the long term. Also, you get to review the overall working with a set of proficient developers.
Whether you directly connect with the blockchain or not, your business draws a large number of benefits from the smart contracts. The very core of this solution enables you to create a fitting structure around every company. Also, you get to come with a prominent fix that empowers the proponents of your project. The vision of your investors gets broadened and you get the insights to envision things properly. Every time you do it, you get things worked up properly, you get to maintain a proper flux of funds. In this way, your business gets whatever you want in a very short duration.
How should I develop and implement smart contracts in my business?
By introducing this solution, you prepare your startup to scale up the steps of success. Also, it helps your business overcome all types of issues whether they are temporary in nature or permanent. You need to understand the predilection of every course of action so there is never any obstacle in the way. Moreover, it becomes very easy for your organization to spread its wings because it has befitting tools to support its working. This may also happen in with support structures that ease the expansion of business in a very lesser time.
In every industry, there is a scope of decentralization and you can make it even easier through a string of services. All the crypto-based programs help you get closer to the customers with a reliable method of payment. With this structure, it is possible for every business to do something exceptional. Whether you want it or not, you get to work on many expeditionary campaigns. Also, you help others expand the work and things can get more explicable flawlessly. The working of this solution gives you a high quantum of accuracy in every possible manner.
The prospects of your company can get much better and promising because you have a lesser number of agents deployed. You might find these differences odd, but they can highly impact the development as well as transactions. When you want to touch base with your team or some consultants, you get a better idea about the entire thing. Also, that happens without having you wasting your time. There could be subtle errors in the initial phases of the development of tokens or any other distributed ledger. If decentralization is at the core, you need to have more potential to conceptualize new methods.
How should I find professionals who could develop custom-built smart contracts?
You can certainly get such experts but the search has to be very thorough in nature. Also, the whole thing has to be planned to the hilt and things could be working seamlessly. When you get things working at an impressive pace, you might lack clear objects. Even if there is a projected solution for some problems, you must not employ them before proper rounds of review. This approach gives you satisfactory results in every domain and keeps you one step ahead when it comes to getting what you precisely need.
It is vital that you work with people who have an idea about what’s happening in your firm. By working with such people, you get more certainty in every step sans wasting a large quantum of resources or time. You might be able to find some other options but they all resort to decentralization in the end. The best way to implement this solution is to give more time to every single process through many methods. Also, you need to get things aligned with a proper solution and help the developers give shape to their visions.
Upshot
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