SMART CONTRACTS : WHAT ARE SMART CONTRACT AND HOW BENEFICIAL IS IT TO BLOCKCHAIN TECHNOLOGY

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Technology is fast advancing into 8th generation future applications, new terms are coined, some terms researched or done as class work are put into use , some theory put into play 1996, becoming a reality show in today’s application.

 

This is where smart contract come in; Smart Contracts became popular when contracts needed to be decentralized, or in simple terms be smarter. In simple terms get the money locked in a safe place, transfer the goods and once confirmed release the money.

So What are Smart Contracts?

To break it down Smart Contracts can help you exchange goods and services in a more conducive manner, by this you can exchange them for shares, money, and real estate properties without engaging middlemen.

Smart Contracts are computer protocols in a decentralized format, which helps users with little or no confidence keep their contracts more secured and all parties are guaranteed with their services.

Smart Contracts became popular once cryptocurrencies staged the scene with Ethereum  blcokchain platform becoming the major player.

Smart Contracts (SC) seems to be replacing legal bootle necks or engaging the use of legal teams to settle services, reducing risks in settling financial regulated businesses without having to face any penalty.

The term SMART CONTRACT was buzzed up by a certain NICK SZABO who in 1993, explained how programmable money can be controlled only by computer code. One good example is a service for bitcoin users access LocalBitcoin.

How Smart Contracts Eveolve Into BlockCHain Services.

Smart contracts require hi-tech codes, but you need to understand how smart contracts work and what may be required before getting into the ledger aspects that said when you require SC delve into coding that will bridge the digital divide.

In getting ownership or rights you need smart contracts to run blockchain tech. effectively, two such areas are the music industry and real estate industry.

Having to transfer money will require the blockchain money to be put into special use here, having it instant and secure is the beauty of this technology.

What Does The Blockchain Technology Require

A top notch coding platform with distributed ledgers that is distributed evenly, Yes blockchain should be the first thing to come to mind when applying smart contracts. Let’s not forget blockchain technology will change the way financial institutions are going to operate going forward, did I hear someone say Ripple ?

Ethereum Built For Smart Contracts

The Ethereum platform is ideal for creating Smart Contracts, with the rise of Initial Coin Offerings ICOs, Ether is the go guy in this game, What better way than cutting good ICO deals , which has so far been worth over $3.8 Bn and counting, distributing the blockchain industry thus making SC a game changer.

A safer option for most investors was simply putting a good pitch, presenting your white paper on your plans and getting the right hype around it using a brand figure maybe a Boxer and within minutes if you’re lucky you’re good to go.

 

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