The power of smart contracts , by Cho Rimsky(Crypto Guru)

What is a Smart contract ?

It is a set of rules or conditions coded and stored on the blockchain to easy exchange of assets , money , properties and others in a unique way there by taking away the role of a middle man.

How does it work ?

1- A party codes the Smart contract ,

2- Both parties finalizes the smart contract ,

3- The contract goes live and it’s stored on the blockchain,

4- The contract automatically execute when the rules or conditions are met .

What are the benefits?

  • Secured
  • - Autonomous
  • - Interruption free
  • - Trustful
  • - Cost effective
  • - Fast performance

Where can it be used (Use Cases) ?

  • Government votings;
  • It can be used for votings to avoid duplication of votes,
  • Record storing ;
  • It can be used as a way to store record to avoid data immutability,
  • Supply chain management :
  • It’s can be used here to securely track real-time information on the supply chain system.
  • Real estate market:
  • It can used to locate , track and identify in real properties in the real estate market,
  • Mortgage systems :

These real-time contracts validate and record transactions without the use of pricey lawyers and banks,

  • Insurance claims :
  • It can be used to avoid fraud during insurance claims,

Cho Rimsky the Crypto Guru

For consultation on blockchain & Cryptocurrencies ,

Certified blockchain expert with 9 years experience

reach out on WhatsApp 670047333 or join my crypto community




Recommended from Medium

The Bitcoin market can grow another 60x

Best affordable NFT project — GhostParty NFT

The global rate of digital currency compared to analog /from 800000 years later / A tonnes is worth…

Straight Fire creates the Future of NFTs

The Story of Money and Why Bitcoin is needed

OIG Partners with THORWallet:

WazirX Review 2022

The most trusted Bitcoin and cryptocurrency exchange in India

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Cho Rimsky

Cho Rimsky

More from Medium

Carbon tunnel vision and degrowth

Extract, Transform, Load (ETL) for Powerbank in Shopee

Using Python to scrape and perform ETL to analyze factors influencing the purchasing behavior of…

Smart Factories: Artificial Intelligence and Automation for Reduced OPEX in Manufacturing