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An Overview of Smart Contracts Development

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An Overview of Smart Contracts Development

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  1. An Overview of Smart Contracts Development

  2. Smart contracts- The concept • Smart contracts are digital contracts or agreements that are stored within the blockchain network. • They are a tool or software program that facilitates terms of the agreement between users, verifies them, and automatically executes transactions.  • Smart contracts are known as “Killer applications” as they have more potential than any other traditional applications.

  3. How smart contracts work? • Unlike traditional businesses, smart contracts do not involve any third party or paperwork.  • They are like a program or code that contains specific terms and conditions. And when it is agreed by both the parties, the transactions are automatically executed • Smart contracts store the user’s monetary value or property information over a distributed ledger and the users can view them in real-time.

  4. Core Benefits of Smart Contracts • Smart contracts are paperless, hence they are more efficient and cost-effective. • They work based on a decentralized distributed network. So there is no single point of failure.  • They are more accurate and secure as they allow investors to conduct peer-to-peer transactions and the risk factors are eliminated.

  5. Use-cases of smart contracts in different industries • Real estate- Real estate is a vast industry with its own set of complexities. Smart contracts help eliminate them and help with quicker, efficient transactions and offer more transparency to the users.  • Banking and Finance- Smart contracts simplifies the process of commercial transactions and improves speed and accuracy.  • Healthcare- With the help of smart contracts, healthcare providers can transmit and analyze patient information accurately and efficiently. And it also helps in maintaining patient confidentiality.

  6. Cryptocurrencies that offer smart contracts • Ethereum (ETH) • Bitcoin (BTC) • Ripple (XRP) • Nxt( NXT) • Decred(DCR)

  7. Essential components for smart contracts • Thoroughly planned digital architecture with bug-free workflow • Legitimate auditing and optimization for customers to save ethereum gas • User-friendly design and customization adaptability.

  8. Future scope for smart contracts • As per research, the global smart contracts market is expected to hit a value of 3000 USD million by the end of 2023 with an annual growth rate of 32% • The use-cases of smart contracts is wide-spread among almost every major industry.  • Various international and domestic organizations, and even newcomers are adapting smart contracts into their business.

  9. How to create smart contracts? • Conduct extensive research on the market trends and requirements.  • Analyze relative use cases based on the industry you are operating.  • Choose a well experienced, reliable smart contracts development company.

  10. CONTACT USWebsite : https://www.blockchainappfactory.com/smart-contract-developmentTwitter : https://twitter.com/Blockchain_BAFFacebook : https://www.facebook.com/BlockchainAppFactoryLinkedin : https://www.linkedin.com/company/blockchainappfactory/Email Id : info@blockchainappfactory.comContact No : +91 6382 665 366

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