Smart Contract - Provides better security


Centralized or cloud storage ledger concept created insecure situation among people. This sense of insecurity  of people created a way to the entry of Blockchain Technology that provides Distributed Ledger.
"A lack of transparency results in distrust and a deep sense of insecurity."
--Dalai Lama
Everyone will search for security for everything they do and have.Thus  a computer scientist and cryptographer Nick Szabo introduced a concept named Smart Contract  in 1997 to eradicate the insecure sense of people.

 Smart Contract - Vanishes Insecurity :

Smart Contract is a digital contract or a simple program codings that are written on the blockchain.Mainly , the smart contract works well on crowdfunding techniques. The smart contract doesnot require a third party for the process of funding.Instead , investors and product head or business professional are linked automatically through this smart contracts.
Thus , no involvement of third party and automated peer to peer connection in Smart Contracts vanishes the situation of untrust or insecurity.

Smart Contracts - where to use :

Banks can use smart contract for  Loans automatic payments .
Can be used in Insurance services for process claiming.
In postal systems , for the payments on delivery.

 Smart Contracts -  In cryptocurrency World : 

In the world of cryptocurrency , smart contract plays a remarkable role. The concept of smart contract was originally introduced with Ethereum and it  made Ethereum more popular in cryptoworld.
The concept of smart contract in blockchain technology is known for its Immutable and Distributed characterisitics.

 Smart Contract - Immutable :

The immutable nature shows that the information stored in smart contract blockchain are unchangable as all the information are encrypted.
Smart Contract - Distributed :

The information in the smart contract blockchain are distributed among everyone and this avoids fraudalence activity.

 ICO - Smart Contract Connectivity :

ICO is a technique with which entrepreneurs collects funds from investors to start their business.To make ICO more successful without the involvment of third party ,use samrt contract process in your ICO project.
Smart Contract can be included in your ICO process at two stages.They are
Token Smart Contracts
Crowd selling Smart Contracts

 ERC 20 - A key Factor :

ERC 20 is a standard format for implementing tokens on ethereum smart contracts blockchains.ERC stands for Ethereum Request for Comment, and 20 is the number that was assigned to this request.
ERC-20 is nothing but a common list of rules that are to be followed while creating tokens for smart contracts on ethereum blockchain. Always follow this ERC20 standards for your etherum tokens or else it will remain to be useless in etherum blockchain.

To know more about smart contract,ERC20 and ethereum blockchain please refer this blog : Blockchain, ICO And Ethererum Smart Contract Development Services

Originally Published : 

What are smart contracts ? and how does it works ?

Comments

Post a Comment

Popular posts from this blog

Popular Programming Languages for the Development of DApp

Image
Here let us look at some of the programming languages that are used commonly to build dapps on various blockchain platforms. 1. Solidity Solidity is the most popular and standard programming language for developing dapps on the Ethereum Blockchain network. Above its popularity, there are occurs many issues while designing with this language. To program smart contracts that are many new languages are in development which can overcome the use of Solidity . 2. Vyper Vyper is a much simpler language when compared to solidity. This experimental language increases security,  auditability  and simplicity by making the programming code as easy for readability. Vyper is most limited, that is many features such as  inline assembly, operator overloading, modifiers, class inheritance, binary fixed point,  recursive calling and  infinite-length loops which are supported by solidity is not supported by Vyper. 3. Simplicity One of the potential language fo...
Read more

How to build a Dapp on TRON ?

Image
“ The secret of change is to focus all your energy not on fighting the old but on building the new .” — Socrates, father of Western philosophy . Of course . Focusing  on the new innovations to make an effective change is better than sitting back and solving the issues in old systems.  It has paved a good results in many incidents and industries .  Blockchain technology is also moving ahead with new innovations to make it more efficient and effective .  This resulted in the birth of DApps, DApps on ethereum , DApps on EOS platform and now DApps in TRON network too . I think TRON is not an unfamiliar word for all of us who are updating ourselves with new innovations in crypto world. Right ? TRON is a blockchain network launched for the establishment of a truly decentralized Internet and its infrastructure by a Chinese entrepreneur Justin Sun . Gather a lot more information about TRON and TRX from our previous article : What is TRON? and How To Build ...
Read more

Solana NFT Marketplace Development Company

Image
  Solana Ecosystem - An Overview Solana is the decentralized ecosystem that works primarily on the Proof Of Stake Consensus Algorithm with an ultimate motto to tackle scalability issues which are programmed to handle 1000 transactions per second. It is not just limited to NFT Marketplace Development that also supports Dapp Development, Smart contract Development or any other crypto projects, etc. How Does Solana Take Part In NFT Race? The NFT Wave has made a strong impact in the Cryptocurrency Industry and many big players of the market have launched their own NFT Marketplace and there is no surprise in the intervention of solana in the NFT space.  Degenerate Apes was the first NFT in the Solana Blockchain. Those are the customizable NFTs ranging in various degrees from glasses to sandwiches. The package of 10K apes sold in just 10 minutes for 66 million USD. Top NFT Marketplaces on Solana 1. Sollectify Sollectify is the Creator based NFT Marketplace where one can buy, sell, t...
Read more