Smart Supply Chains Using Smart Contracts

Smart Contract:

Although the term “Blockchain smart contract” sounds like a legal instrument, a smart contract is actually a computer program that performs a task when triggered by the occurrence of a predetermined event. Smart contracts live on the blockchain, which processes the terms of the smart contract, thereby enabling the smart contract to automatically execute the coding task when the triggering event occurs.

Examples of Smart Contracts for Supply Chain

In Supply Chain Development, smart contracts are particularly useful for releasing payment, recording ledger entries, and flagging a need for manual intervention.

Releasing Payment:

A party could use a smart contract as a means to automatically release payment upon the satisfaction of a condition.

Recording Ledger Entries:

A party could write a smart contract to record to a blockchain ledger if some specified event occurs or does not occur.

Flagging a Need for Manual Intervention:

Smart contracts are also useful for flagging the occurrence of an event that requires manual intervention.

Vulnerabilities:

While properly coded smart contracts could dramatically increase efficiencies in supply chains, companies face a risk that their smart contracts contain bugs or other technical issues such as data block corruption. There are three common types of vulnerabilities that arise from improperly coded smart contracts: greedy contracts, prodigal contracts, and suicidal contracts.

Finally, because the immutable nature of blockchain also extends to smart contracts (which live on a blockchain), once a programmer code and deploys a smart contract, immutability prohibits the addition of any new functions to the smart contract. Upgrading and otherwise altering smart contracts is an active area of research in the blockchain community, and mechanisms for altering smart contracts and best practices are still being developed.

To know more, contact us at: https://www.codezeros.com/contact

Comments

Smart Contract Development Company in Washington

Smart Contracts are now essential to any blockchain-based business. The self-executing digital contract is the key to automate processes, transactions, and agreements, helping to reduce costs, hence security and end the very confusing and not reliable paperwork. Smart contracts are automated digital contracts that enable highly-secure and self-executing agreements to be formulated. They solve many issues faced in traditional contracts such as lengthy paperwork, the need for third-party intervention, and huge costs. Codezeros is the Smart Contract Development Company with the best solutions for your enterprise. Up to date with every new technology and innovation in the blockchain world. Our team of experts is focused on building an outstanding computer-based protocol. Customizable for any type of industry, the digital contract doesn’t need a middleman to ensure that all the parties involved are performing their part. Once all the rules and conditions are settled, its base algor

Security Token Offering Services(STO) | Codezeros

Stay at the top of growth wave with quality token development. Security tokens are just a more flexible version of regular securities, only more efficient. They are cryptographic tokens that pay interest and dividends or share profits to token holders based on an asset like shares, real estate, or bonds. Some of the major benefits of opting for STO development are as follows: Traded as securities Credibility Low Fees Decentralized assets remain decentralized An enterprise or a startup will sell its digital asset- its cryptocurrency, to its investors and whosoever, supports the project financially. This sale of their cryptocurrency or a fraction of it will happen in a pre-decided currency form of USD, Euros, or a cryptocurrency like bitcoin. This process will be followed by whitepaper creation and a pitch deck. Later on, after Tokenomics of the cryptocurrency and smart contracts, a pre-STO landing page is created. This process comprises of STO solutions that we provide. We

Craft Your Projects With Golang Web Development

When it comes to developing the best suited products, we at Codezeros have refined our abilities in the art of the Golang programming language. Our team is highly skilled in providing solutions that can meet all your requirements, whether you seek business-ready applications or next-gen dApps. In order to align with your project needs, our blockchain specialists, full-stack engineers, and UX designers work diligently, offering the best Golang web development services. About Golang Go or Golang, was created by a group of individuals at Google, including Robert Griesemer, Rob Pike, and Ken Thompson. It is among the best and most advanced programming languages that has shockingly become popular. One of the major reasons for its wide usability by the developers is its simplicity and readability. Although it offers less features than other languages like C++, the first priority is efficiency and straightforwardness. Go draws inspiration from Erlang to incorporate concurrency and functi

Codezeros

Search This Blog