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Smart contracts are self-executing computer programs with the terms and conditions of the agreement written in the coding language. A smart contract is one of the most famous applications of blockchain that makes the codes and agreements distributed on a decentralized blockchain network. The codes are enforced, executed, verified and constrained in a traceable and irreversible manner. Smart contracts help in automating and boosting the efficiency of transactions. Smart contract development solutions areleveraged across industries like IoT, real estate, healthcare, agriculture, insurance, and more.
The concept of smart contract was first coined in 1994 by Nick Szabo, much before bitcoin came into existence. He was a computer scientist, law scholar and a cryptographer by profession. He stated, “A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitrations and enforcement costs, and other transaction costs”.
Smart contracts have many advantages over traditional contracts, be it in the form of safety, security or the efficiency of cost. Smart contracts eliminate the need for third parties and maintain trust between the parties through their immutable nature. Immutable means that once the smart contract is created, no one can ever change it again, which means that no one tampers with the code.
Furthermore, in smart contracts, there is no ambiguity of language and everything is displayed crystal clear in the contract. The direct communication between the parties of the contract eliminates the associated administrative costs.
Smart contracts are proposed to benefit all sorts of industries by automating their exchange of goods and services by registering them on the blockchain platform. Various troubled industries are relishing the efficiency of digital agreements. Widely used smart contract application lies in the field of financial services by regularizing the purchase of goods and services and by regulating the dividend payments. Thus the scope of smart contract development is much more beyond what we are experiencing today. Its major implications can be seen in the following industries:
Smart contracts are gaining global traction and there are huge chances that sooner and later we will acknowledge the presence of smart contracts in all of the industries. Whether it is a startup, SME or a large corporation, smart contract development will enable automated, smooth and cost-efficient transactions.
If you are planning to build a smart contract for your business, Antier can help. We offer customized smart contract development services to create an outstanding computer-based protocol to automate your business agreements.
A free consultation is available to discuss your business needs, no obligation, just a friendly chat to work out if we can help.
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