Many countries are on the mission of decentralizing their governance with blockchain solutions, and some have dived into the coining of their cryptocurrency to enter the marketplace.

Major industries are trying to leverage customized smart contract application development to automate legal contracts, quality inspection, and other repetitive tasks.

However, it is evident from the financial news updates that crypto and blockchain are hitting our lives with ergonomic use cases and making lives simpler, transparent, and secure in the digital space!In this blog post, let’s start with some vanilla flavors about smart contracts and then traverse through how it works and their varieties based on application!

A smart contract is a computer protocol that executes a task based on pre-defined conditions.

Now, let’s assume that Afrin buys a property from Buna!If Afrin pays Buna as per the deal in the normal transaction, Buna signs off the property ownership through registration.

On the contrary, if Afrin pays less amount and argues with Buna to sign the contract or Buna receives payment and asks for more, they need a third-party or court to resolve the issue.

What is a smart contract?A smart contract is a program or set of code that helps to regulate digital agreements, transactions over digital currencies, and assets between parties.

It seamlessly ensures the security and integrity of execution.

Smart contracts with blockchain technologySmart contracts are developed using blockchain technology.

Also, smart contracts can be secured, efficient, immutable, accurate, trustable.

Smart contracts are executed by fact-based if-else conditions.

They rely on objective facts and not on the subjective judgments of parties.

Supply chain organizations can use Blockchain to solve many industry obstacles, such as record-keeping and product tracking.

The decentralized technology will soon replace the centralized administration of databases.

Besides record-keeping and monitoring, several areas exist in which the Blockchain aids the effective enhancement of a supply chain.In this article, let us go over some benefits of the blockchain technology in supply chain industry.

Blockchain upgrade in Supply Chains lead to,Product Tracking:Even company with an advanced workforce lose track of transactions due to the high degree of transactions in the supply chains.

Supply chain logistics bodies can eliminate the excess spending via Blockchain deployment.

Supply Chain Logistics teams can eliminate expenses on security, staffing, intermediaries, and other resources by integrating Blockchain.Instilling Trust:Supply chains are complex networks with several entities and parties working in various cycles of product manufacturing, management, and shipment, to name a few.