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Making Smart Contracts a Reality with Blockchain Technology

Smart Contracts

Now imagine this same scenario, but with smart contracts—applications that replicate and execute all the provisions of a standard legal agreement and its associated terms and conditions. When the ship arrives, the cotton is unloaded, and the buyer scans a barcode on each pallet as it passes inspection. As soon as those scans are complete, the data they generate is uploaded to a blockchain, triggering a series of events including filing the customs declarations, paying any necessary duties, transferring ownership from the seller to the buyer, and transferring payments from the buyer to the seller and the carrier. If all conditions of the contracts bargained for exchange are met, the entire process can take about 10 minutes or less.

The latter scenario is already a reality. Although the concept of smart contracts has been around for decades, it’s only thanks to the advent of blockchain—which creates immutable records of each transaction shared by multiple parties—that every provision can be automatically executed and verified along the way. Since smart contracts run in environments in which they are executed exactly as written, they do not require approval at each step as long as pre-established conditions are fulfilled.



What’s Next for Smart Contracts on Blockchain?

While many smart contracts are operating on the public blockchain Ethereum, significant implementations will likely take place on more secure and trusted permissioned Blockchains that businesses and industries are setting up worldwide. To create these private blockchains, organizations need an open platform and enterprise-grade infrastructure such as OBP. With its pre-assembled components and templates for setting up and implementing smart contracts, OBP can greatly reduce the deployment of new blockchain solutions. Enterprises can readily benefit from a blockchain-as-a-service (BaaS) model to provide the speed, scalability, computational power, and interoperability needed to support the blockchain-enabled capabilities of smart contracts.

Smart contracts are an exciting development that would not be effective without the use of blockchain to ensure that contract terms automatically execute if all parties meet agreed-upon conditions. They have the potential to revolutionize multiple industries, freeing up capital and giving legal departments around the world an opportunity to focus their talents on strategic initiatives and complex contracts and litigation instead of routine contract enforcement that may be open to dispute.

Hire a seasoned smart contract development company like Codezeros to develop high quality, secure smart contracts for your blockchain project

 We design, develop, audit, and optimize smart contracts based on Ethereum and other platforms to automate transactions. With our smart contract system, one can eliminate the need for third-party verification for transactions. We have proven our expertise by offering smart contract development services and solutions to clients across the globe.

We offer smart contract audit services to provide smart contracts that are free of bugs and breaches. Our team of expert developers carries out Ethereum Smart Contract Audits to meticulously review the code to highlight vulnerabilities and security flaws and make it 100% secure before deploying it.

Get in Touch with Us!

For FREE project consultations and estimates, simply contact us https://www.codezeros.com/

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