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 ?

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