A Quick Guide to Blockchain Smart Contracts

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A Quick Guide to Blockchain
Smart Contracts
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What is a Smart Contract?
S m a r t C o n t r a c t i s a c o d e t h a
t r u n s o n t o p o f a B l o c k c h a i n n e
t w o r k i n c l u d i n g a s e t o f r u l e
s w h e r e a l l p a r t i e s c a n i n t e r a
c t w i t h e a c h o t h e r t h r o u g h a s
m a r t c o n t r a c t .
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"The Global Smart Contracts Market is expected
to reach

• approximately 300 Million USD by the end of 2023
  with 32 CAGR
• during the forecasted period from 2017-2023."

- Market Research Future
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How it works?
Source g2crowd
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(No Transcript)
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Scope Of Use
Digital Identity and Financial Data Recording
Trade Finance, Derivatives and Securities
Mortgages and Land Title Recording Intellectual
Property Protection Auto Insurance Clinical
Trials Supply Chain More...
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Benefits of Smart Contracts
Transparency The smart contracts are created
and kept
on a blockchain that's why the transaction
records are available and (theoretically)
unchallengeable to maintain transparency between
all parties.
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Self-su?ciency Instead of third parties holding
stores of value in escrow, smart contracts only
involve the two signing parties to drive the
transaction self- suficient.
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Benefits of Smart Contracts
E?ciency As smart contracts automatically
complete
terms written into the code, they are considered
highly eficient. The automatic execution of
terms speeds up the process to save time and
resources.
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Clear Communication The necessity for accuracy
in describing the contract results in everything
being definite. Smart contracts can considerably
cut down on eficiency that creates gaps in
communication.
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Benefits of Smart Contracts
Lower Cost By cutting out third parties during
the
transactions, businesses can lower transaction
costs. In many cases it has the potential to
reduce the need for litigation and courts.
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Storage Backup Smart contracts record
essential details in each transaction.
Therefore, anytime business details are used in
a contract, they are eternally stored for future
records.
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