What Are Smart Contracts? How It Related To Blockchain
10 Apr

What Are Smart Contracts? How It Related To Blockchain

What are Smart Contracts infograins

As a Infograins is premier Blockchain Application Development company, Infograins Software Solution always try to provide you authentic information about various technologies and today, we are about to tell you something about smart contracts.

We are familiar with the traditional approach in the business when always a third party is involved between the two parties while a transaction is made. Bank institution or any government establishment may work as the third party. However, the involvement of a third party can be risky at times. After the development of the blockchain technology, businessmen are allowed to use a decentralized approach to open the door of new possibilities as the alternative to the traditional approach. A smart contract is one of such alternative models.

What is the concept of Smart Contract?

As the word ‘contract’ shows, it is not much different from the normal contract but it is a digital contract and a tiny computer program stored inside a blockchain represents it. All the terms and conditions are stored in this software and it verifies all the conditions before the execution of the terms.

We have told about the importance of the third party in the establishment of the business contract. But if we talk about a smart contract, there is no need for a third party and both of the parties may interact with each other directly.

A decentralized approach does not need the involvement of any third party and it means you have to trust the Smart Contract. Then you might have a question about the reliability of the Smart Contract.

How does a Smart Contract Work?

A Smart Contract is a coded program that generally contains specific terms that are executed only when certain conditions are satisfied.

Suppose two parties want to make a contract, they would need a platform that may serve as a third party and this platform is solely responsible for the fulfillment of agreed conditions.

There is another way to make a contract in which both of the parties make an agreement using a Smart Contract. In this case, the Smart Contract will be coded on the basis of a certain algorithm to ensure that all the agreed terms are fulfilled and both of the parties cannot cheat each other in any condition.

Advantages of Smart Contracts

As mentioned above, Smart Contract work in the scope of Blockchain technology and they are based on the same traits such as fraud resistance, safety, and security, decentralization etc. Due to the support of Blockchain technology, Smart Contracts are used as a reliable alternative for business contracts and transactions.

Some of the advantages provided by Smart Contracts are explained below:

No involvement of a third party:

As a prime advantage, Smart Contracts make the deal possible between two parties without the need of any third party or intermediate platform.

Affordability:

Elimination of intermediates means reduced fees and as a result, Smart Contracts are considered as an affordable concept.

Failure resistance:

There is no chance of failure since the contract does not depend on a single person and the network will continue to exist without any problem even when an individual leaves the blockchain network.

Reduced cases of fraud:

Smart Contracts are supported by Blockchain technology and thus, any malicious activity is not allowed in the extremely safe network.

If you are interested in Blockchain Application Development due to any type of requirement, we at Infograins Software Solution, may help you understand this advanced technology clearly and we are sure that we are capable of providing you reliable and safe Blockchain Solutions.

For Project and Cost Discussion Contact Us Now

29 Mar

5 Trends in Blockchain Application Development You Need To Know

Blockchain Application Development

A lot of small or large businesses have realized that the Blockchain is the technology of next age. In next decades, the Blockchain Application Development is going to emerge as a revolutionary technological advancement. As a result, you can easily observe that the opportunists are looking for various Bitcoin application solutions and applications. Not only the private companies but government bodies are also looking for potential benefits of the Blockchain technology. Moreover, experts are engaged in finding new ways to utilize Blockchain in different industry verticals. Briefly,  Infograins conclude that the Blockchain technology is going to widen its scope steadily. However, there are some questions that can be raised but experts say that all the questions will have their answers soon.

We cannot predict the future but due to existing conditions, we can hope for some Blockchain Technology trends in the next years. Let us look at five trends that are expected to lead a number of industry sectors in the next years.

1. Artificial Intelligence:
Artificial Intelligence is the modern concept in which the machines are designed to think just like humans and the results are quite interesting. The concept of thinking machines is based on an algorithm to perform the activities like humans and even they want machines may develop their intelligence without any further development.
As it is obvious, if they want to make the thinking machines, the machines need the access to big data and the involvement of Blockchain has made the exchange of big data quite economical.

2. Smart Contracts:
A smart contract is a coded program that is stored and runs on a Blockchain. Smart contracts are just like normal contracts that are executed without the need of any third party. According to the Smart contract developers, they provide unmatched security to all of the parties that belong to the Blockchain network. Nowadays, smart contracts are used to perform a number of functions that are based on the fulfillment of some pre-defined conditions to have full control on the digital assets. There are some risk factors in the field but The Blockchain and Smart Contract developers are needed in every sector and it shows that the scope of Smart Contracts is increasing quickly.

3. Cybersecurity:
At present, Cyber attacks are usual and there is a huge need of a secure system to minimize the cases of cybercrime. Therefore, Cryptocurrencies along with the Blockchain technology is going to replace all the traditional ways of cybersecurity. Blockchain technology is considered as an epitome of security and going to be an integral part of cybersecurity systems in future.

4. Etherium:
Etherium is quite similar to the Bitcoin and it seems like a smart contract platform while it is used as a robust blockchain platform. It was introduced with the Smart contract in mind and was designed with a powerful programming language called solidity. The Smart contract developers are looking for more opportunities by writing powerful Solidity code for building error-free Smart contracts.

5. Private Blockchain Networks:
Not only public network but private networks also need the same level security with the help of Blockchain Technology. Therefore, the developer should consider the private institutions as well while they think of utilizing the public blockchain market.
The Blockchain technology is making its way towards being a most sought after advancement and as a leading Blockchain Development Company, Infograins is looking for more opportunities in different sectors where the technology can change the traditional ways of transactions of digital assets.

For Project and Cost Discussion Contact Us Now

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