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?
- - 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