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Smart Contracts



For decades contracts have been written, sighed and all parties involved felt safe until one side breaks its pledge and third parties are involved to analyze and issue penalties to the   defaulters. 

 Likewise other contract go through well and both parties go home a happy lot.

As IT forks we were obviously created to think out of the box. Firstly our hand writing sucks and we need something that works fast with less complications and this gave birth to smart contracts.

Smart contracts

Basically these are contracts in a digital format meaning that its machines/bots are responsible for the approval, maintain and concluding of the contracts. Sadly enough this technology has been around since 1994 (how old were you?). A dude called Nick Szabo had this idea and till recently is when some of us are grasping the concept

Now I would like to bring blockchain technology in this. By no if you have been reading most of my post you have a grasp of what blockchain is and its benefits. (If not Click Here).

Smart contracts reside in the blockchain ecosystem. Let’s work with a scenario. If a client issues you a contract o fix his/her servers, you get paid once all the work is fully completed. With smart contracts the client does not have to check if the job is complete basically the money is wired to you once your job is complete.

Steps

First a contract is dratted on blockchain but it’s in code form. The individuals are anonymous but the contract is in the public ledger. Once this is in order jumps to the second phase.

A trigger is initiated e.g. finish date/expiration date which trigger a payment option where funds are transferred to the contractor. This only happens after codes has passed all necessary steps laid in the contract terms.

These processes are very easy and third parties who are always involved are now kicked out thus making the cost of contracts cheap and easy to execute.

Also something else to note these payment can be in crypto currency making it better to carry out business all over the world with anyone of whatever nationality or language.

With more and more business being done online this is something that will have to come into implementation. What will be needed is more coders to write these contract.

Advantages

Anonymity - Contractor’s information is kept private as much as the contract is public. Middle men like lawyers are kicked out as you are the one to draft the contract as you wish.

Safety - All of this information is encrypted and in no way will either party tamper or clam to loss the contract

Time – A lot of time is saved as this work is carried out by software and the junks of paperwork and waiting approvals is no longer involved

Savings – Cutting out the middle men end up saving both parties lots of revenue.

Accurate – with smart contact accurate is at 99% as all this work is machine based. Compared to human who are prone to mistakes.


Backups - There is no loss of contract or malicious deletion of information due to the fact that all this info is decentralized.

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