Smart contract development Subject to the established agreements that are prescribed in it, the sequence is automatically started.
For example, let’s take the simplest operation — the process of buying and selling cryptocurrency between users. This allows you to exclude the possibility of fraud on both sides and conduct a transaction in a specific algorithm of sequential actions.
Purpose of smart contracts
The algorithm itself is written inside the blockchain, so the rules for transactions and other manipulations cannot be changed and are binding on all participants.
How smart contracts appeared
The very first mention of digital contracts appeared in 1996. Nick Szabo, an American scientist in the field of cryptography, proposed using the semblance of smart contracts. smart contract development services The result of his idea was the prescribed algorithm for the digital currency Bit Gold, which is considered the predecessor of the well-known BTC coin.
How smart contracts work :
Contract development company After the completion of the algorithm and the correct execution of the operation, smart contracts become part of the registry, getting into the blockchain block chain itself.
The basic principle of a smart contract is the complete execution of a conditional algorithm of sequential actions.
Types of smart contracts
There are several main types of smart contracts, which are classified according to different criteria:
According to the execution environment, smart contracts are centralized and distributed
degree of anonymity. ethereum smart contract development It shows whether the digital contract can function independently or whether an additional paper carrier of information is required.
Smart contracts in healthcare
In medicine, a huge amount of various information is used that can be lost, mixed up or used for other purposes: medical records of patients, results of examinations and analyzes, prescribing and prescribing drugs, and much more.
All this data is used to treat people suffering from diseases with varying degrees of severity, because any mistakes can cost a human life. Such a huge amount of information is difficult to structure and process for ordinary people.
Smart contracts in electoral processes
Analysts from Horizon State expressed their opinion that the integration of blockchain technologies based on smart contracts will be able to ensure maximum objectivity of elections and impartially evaluate votes. This is a rather thorny issue that often comes up during elections with their voting mechanisms.
The use of smart contracts based on decentralized registries can solve many problems during electoral processes.
Smart contracts in the media sphere.
People who produce their content in the field of art and intellectual property (music, painting, video filming, photography, poetry, films, etc.) should receive a decent reward for their work, which, in turn, should have copyright.
The use of blockchain technologies with the integration of smart contracts can automate most of the routine processes in the media space. They will allow you to correctly credit funds, distribute profit shares between the author and the production company. This will greatly speed up the processes and make them less costly.
Smart contracts in the Internet of things
For its correct functioning, a single system is needed that allows you to combine electronic devices and personal gadgets. Blockchain technology based on smart contracts can be an ideal solution for these processes.
Choice of a movable or immovable object to receive for temporary use
Deposit of collateral as a guarantee of compliance with the agreements
Payment for the use of the object in a certain period of time with the possibility of its further extension.
This simple, routine process can be easily written into the blockchain code based on smart contracts. This solution will significantly reduce associated costs and save time.
Smart contracts in the field of supply
The supply logistics system involves the processing of a huge amount of information about suppliers, recipients, transportation, routes, etc. If all these materials are combined into one common blockchain system, this will greatly facilitate the processing of materials, which will lead to the elimination of possible errors and confusion associated with the human factor.
Smart contracts in the field of clearing
Clearing is a complex system of interaction between individuals or legal entities for the purpose of conducting non-cash settlements in compliance with the stipulated obligations on both sides. It takes a lot of time and effort of people to process all the processes, as well as significant expenses for paying commissions for making transfers.
