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Transferring business logic to blockchain thanks to smart contracts. What does it mean? If the functions represent business actions, e.g. buying a ticket, winning the lottery or voting at the general meeting, then we have fully transparent, undeniable system.
Smart Contract? What is this?
Intelligent agreements similar to traditional are providers of guarantee. They are programs that run in a blockchain enviroment and have the same mining: Legally bind any person who intends to participate in the conclusion of the contract. Each contract obtain own address, which will be available to all interested participants. You can then use it to interact with the smart contract and fulfill your commitments. It is also crucial that smart contracts can also cooperate with other smart contracts. Usually smart contract are associate with Ethereum blockchain where intelligent contracts are transparent, reliable, unchanging, inexpensive and decentralized but there are many solutions that work in private area. Check private blockchains
Business logic on Blockchain
Smart Contracts are able to eliminate intermediary and get rid of centralized entities, which often are points of failure. Characteristics such as autonomy, accuracy and self-realization cousing no delays in whole logic. Blockchain technology provides security and the rightness of intelligent contract performance.
Where can you use smart contracts?
Smart Contracts can be used in plethora of fields, fox example:
- Banking, optimizing taxes, significantly reduce fees as well as get rid of central "vault"
- Healthcare, keeping data secure and immutably on the blockchain
- Politics, verifying identity and store data secure in indisputable ledger
- Real estates, providing sharing equity as well as exchanging property tokens between entities
- Branding, in fighting against fakes or trade with stolen digital goods
- and many many more