Smart Contract - A beginner's guide

Are you clueless about #smartcontracts and their use cases?

Here you go with a clear picture of what smart contracts are capable of in changing our lives!https://www.facebook.com/blockchainfirm/photos/a.334364087342931/508539126592092/?type=1 

Blockchain in IoT:  Benefits and use casesBlockchain and the Internet of Things (IoT) emerged with maximum public attention in recent years in addition to their implementation in the networks of global financial systems and industrial leaders.

This article will explain the concept of the Internet of things and give answers to some essential questions about the convergence of blockchain and IoT, its benefits and future challenges, its use cases of greater cooperation.What is the IoT in simple words?Iot, or the Internet of things, is a concept of connecting any possible device to the Internet by creating a network where they could save and exchange each other's data.

It should be noted that objects united in an interconnected system do not require human-to-human or human-to-computer interaction to obtain, receive and send data.

sensors);Those who receive information and act accordingly (for example, a printer receives a document and prints it, an electric kettle receives a signal and begins to heat the water, etc);Those who know how to do both (for example, an irrigation system collects information about the humidity level and automatically turns on if the level is not enough).

This system requires that third parties check and verify each transaction between the devices which entails limited scalability, high prices and many weaknesses in the network security system.

A single error would not deactivate the entire network because it works using millions of individual nodes.

Blockchain technology 2020 is a form of digital ledger which becomes popular after successfully adopting the use of bitcoin, a type of cryptocurrency.

Before we dig deeper into blockchain trends such as the implementation of mobile app development, first, let’s look into;

Why do Enterprises need to consider Blockchain Technology in 2020?

However, blockchain technology has come with a new feature known as the append-only.

Once the recording is on, the data record is saved and nobody can tamper with the data.

Data is recorded in chronological order

Are you planning to start a Smart Contract based MLM Platform in 2020?Ever since the rise of bitcoin and other cryptocurrencies, the use of Multi-Level Marketing or MLM can be seen as of the significant and lucrative business models for investors as well.Cryptocurrency and MLM are the two words that are taking the world by a storm, and so there are as many business opportunities for entrepreneurs and investors to dive in.

Cryptocurrency MLM Platform with Smart Contract can be a good source of income for business but make sure to do research first before launching a Smart Contract MLM Platform.Wondering How to Start an MLM Platform With Smart Contract In 2020?

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Smart contracts live in the blockchain.

You can look at it as a kind of distributed global database, and there are really many of them in existence.

But speaking about smart contracts, let’s review the most exciting so-called programming blockchain, which is Ethereum.

Smart contracts are used to program it.Eth is the related dedicated cryptocurrency minted by blockchain Ethereum participants and necessary to execute any transaction.

Creating a smart contract on ethereum has its advantages, with Ethereum-based smart contracts being the most attractive opportunity.

Here also come dapps - decentralized applications that run on smart contracts.

What is Blockchain Technology?There are no simple definitions available over the web that can exactly explain what is blockchain technology.

It is a technology that allows data to be stored and exchanged on a peer-to-peer (P2P) basis.

It is used in a decentralized manner, which removes the need for intermediaries or third parties to validate transactions.Blockchain emerged from the merger of two concepts;Asymmetrical cryptography, which allows the use of a paired public and private key systemDistributed IT architecture (especially P2P)Asymmetrical cryptography uses public and private keys to encrypt and decrypt data.

The system is based on a public key that can be made available to all and allows encrypted data to be sent to a third party.The third-party accesses the encrypted data via a paired private key.

The private key, which remains secret, acts as the password to the same bank account.A distributed system is a series of independent computers (nodes) that connect to a network and can communicate with each other.

The blockchain is open-ended and operates in a decentralized, ongoing manner, thanks to consensus algorithms (notably “proof-of-work” and “proof-of-stake”) which certify the information per block (unit).