What are smart contracts on the blockchain?

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What are smart contracts on the blockchain?



Smart Contracts are digital contracts existing within a blockchain that execute themselves when certain pre-determined conditions are met. It enables two parties to conduct a transaction without any intermediary intervention like banks and offers the following benefits to the users:

  • Secure and transparent

  • No interruption

  • Autonomous

  • Fast performance

  • Cost-effective

Examples of smart contracts

  • Real Estate

Smart contracts facilitate real estate transactions directly between the dealer and the buyer by removing rent-seeking third parties like brokers. Smart contracts keep a record of transactions, store the details of property and land owners, allow payments and transactions overseas and offer fraud-proof transactions.

  • Resolving Errors in Trade Finance

Smart contracts can reduce numerous errors in trade finance by ensuring automation of workflows while also simplifying calculations. It also reduces significant work hours.

  • Elections

Blockchain-based voting systems can improve accessibility to elections while enhancing voter participation. Smart contracts can accelerate the process of tallying and reporting the votes and enable proper identity verification of voters to avoid multiple votes.

  • Safeguarding Medical Data

Smart contracts protect the data from cybercriminals and data breaches by enabling a secure exchange and storage of patient data among healthcare providers.

  • Administrative payments and billing

Smart contract development company provides solutions to the problems arising from traditional payment and billing methods by offering trust, transparency and no human intervention. As smart contracts are secure and inexpensive to maintain, they can be efficiently used for payrolls, pensions, insurance, bill payments and taxation.

Smart contracts are finding use cases in more and more industries day by day. If you want to build a smart contract for your business or project, you can contact LeewayHertz technologies, as they have a stellar track record of delivering blockchain solutions.

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