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Did you know that more than $450mil worth of assets has been invested (and locked) on decentralized finance smart contract running on Ethereum as on 3rd September 2019?
Smart Contracts are a reality and here to stay. In case you’ve ever wondered how true peer-to-peer transactions could take place, now is the time to witness how life could be without any intermediary. With the ability to take contractual governance to the next level, Smart Contracts can truly empower intermediary-less trading environments.
Does this excite you? Talk to our team to know about how we can help you leapfrog in this evolving smart contract development market!
Smart contracts are similar to their predecessors in that they ratify a set of stipulations of a legal contract between multiple people or entities.
However, that is where the similarities end. Some of the salient features of Smart Contract are as under:
1) Encoded on the underlying Blockchain (like Ethereum, Hyperledger), making them far more sophisticated than any other type of digital contract.
2) Not affected by the subjective thoughts of humans.
3) Self-executing programs that use “intelligence” or automated code to implement conditions once programmed events “trigger” various parts or all of the terms and conditions.
4) Not dependent on external forces for code execution. Which means if terms of a smart contract are satisfied, each phase of the contract will be executed whether or not anyone agrees.
5) Resilient to changes (immutable) as multiple digital copies are stored across the underlying infrastructure (or network).
6) Cost-efficient as business trade between the parties happens without a third-party intermediary.
6) Free from manual errors of code execution.
7) Transparent and allow visibility of each transaction to everyone.
8) Resilient to chances of forgery due to the immutable nature of the underlying infrastructure.
Sounds Interesting? Get in touch with our team to learn more about leveraging Smart contract to future-proof your business.
Smart Contract standards like ERC20, ERC777 are increasingly being used on Ethereum Blockchain to launch a crowd funding campaign
Investments, Lending and Borrowing has been disrupted globally with smart contracts with over $450mil already being invested (Sep 2019)
Fractional ownership of real-estate is now feasible, with governments & enterprises embracing smart contracts for real estate & land record management
Using smart contracts, emerging governments are trying to leapfrog the implementation of financial inclusion in their countries. Citizens no longer need bank accounts.
Smart Contracts combined with advanced data acquisition tools are redefining traceability for farm-to-fork, warehouse-to-retail and such other supply chains globally
Freight bill auditing, information exchange between vendors & customers, access to finance is increasingly being managed with smart contracts
For the first time in history of technology, privacy control & rights can be enforced easily on digital media like Music, Pictures using smart contracts
Immutable timestamping of a document to prove that it was issued at a specific time by an issuer is now feasible using smart contracts
Smart Contracts allow for affordable leveraged loans for businesses already exposed in the banking sector
ERC-20: Ethereum’s technical standard for fund raising tokens implemented on its blockchain.
ERC-721: Non-fungible tokens (NFTs) for digitizing unique assets using smart contracts.
ERC-777: Dubbed the Lucky Contract, the ERC-777 token contract is an extension of the ERC-20 token.
Hyperledger uses the term Smart Contracts & Chaincode interchangeably. A smart contract is defined within a chaincode. Multiple smart contracts can be defined within the same chaincode. When a chaincode is deployed, all smart contracts within it are made available to applications.
This Turing-complete (or computationally universal) machine is similar to Ethereum. TRON is a fork of Ethereum so smart contract development remains largely similar to Ethereum
EOS smart contract development is done using C++. There are generally two files associated with each smart contract - hpp and cpp.
IOST is another smart contract platform aiming to compete with more established names as Ethereum, EOS, NEO and others
The cost of Smart contracts can not be pre-gauged. The cost varies/depends on a case-to-case basis. Major factors like complexity, user needs, functionalities among other parameters drive the cost of the Smart Contract.
Smart contracts are secure than traditional contracts. However, they can be subjected to bugs, loopholes, backdoors if not properly built/coded. Therefore, Smart Contracts are as secure as the developer wants it to be.
Unlike traditional contracts, smart contracts are self-executing programs and are not controlled by subjectivity of humans. They are more secure, transparent and free from manual errors.
Schedule a free 30-min call with our team of blockchain aficionados! Trust me, you won’t be disappointed :)