If you have
been even a little bit active on the Internet, you would know that people are
showing an insane amount of intense interest in the Blockchain Technology.
Due to the
interest in blockchain technology, there are several applications of blockchain
that have caught the eye of the public. One such application of blockchain
technology is Smart Contracts.
Traditionally, we have always had a centralized model. In a
centralized model, the central authority might be the government or the bank or
some other kind of third-party authority. Due to this dependency, one cannot
guarantee a perfect implementation of the contracts. But the development of
blockchain has allowed us to build decentralized models and this is where smart
contracts come in. The term ‘Smart Contract’ first appeared over twenty years
ago in an article written by Nick Szabo, a computer scientist, and
cryptographer, all the way back in 1995. So what exactly is a smart contract? A
smart contract is just like a physical contract except its digital. A smart
contract is represented by a small computer program saved inside a blockchain. A
smart contract stores the rules for negotiating the terms of an agreement. It
automatically checks fulfillment and then executes the terms that were agreed
upon by the two parties.
For example, in a system of crowdfunding, a smart contract
can be programmed to receive funds until a goal is reached. Once the goal is
reached, the money is sent directly to the project team. If the project fails,
the money goes back to the supporters without the intervention of a third
party. Since a smart contract is stored inside a blockchain network, where all
data is stored in a distributed way, no one is in total control of the capital.
We hope you found this article interesting and informative. If you still have any queries, you can
contact us or directly send a mail to hello@codezeros.com for further
inquiries regarding smart contracts or Ethereum or blockchain and share your
ideas with us.
We are Blockchain Development Company and the only emerging
tech company that pioneers complete blockchain-based solutions. With the
potential and power of customized Blockchain solutions, we ensure that our
clients get new prospects across businesses.
Services offered: Blockchain Development, Cryptocurrency
Development, Modern Whitepaper Solutions, Wallet Development, Pitchdeck Solutions,
Tokenomics, Pre-STO Landing Page, Smart Contract Creation, STO Solutions, New
DLT Solutions, Other DLT Solutions, Consensus Forking, and Exchange Development
Contact at: +91 9638998419, +1 3152458590
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