Smart contract is nothing more than the piece of code that is executed. Smart contracts help you exchange money, properties, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.
The best way to explain this is, a term of contract between the buyer and the seller which is incorporated,verified and self executed with a cluster of codes in the decentralized blockchain network. That is why it is considered as the most potential one. The only difference between the traditional and smart contract is automation and transparency.
Though it is automated, the possibilities are completely limitless.
Uses Of Smart Contract :
Smart contracts can be influenced in the fields like
Insurance : Insurance generally takes time to get processed and paid, this is because of a lack of automation. In smart contracts with security the work is all done when it is required.
Supply chain management : From raw materials to finished goods everything can be handled here. Even Walmart incorporates Smart contracts for the supply chain management.
Likewise many streams are incorporated into the smart contract. In less than a decade blockchain has earned its utmost fame, followed by that smart contract has also step its own reputation.
If you are interested in business regarding blockchain, our team are good enough to handle your business requirements. From scratch to the implementation our team will support you.
Happy reading !