Smart Contracts on Blockchain. Make your business efficient for growth
Boost your business with Smart Contracts on Blockchain
Smart Contacts on Blockchain has been gaining popularity over the recent months. There has been lot of positive use case and utility which makes it popular. You must have probably heard the terms “smart contract”, “dapp” and “web3” floating around. In this piece we will have smart contracts explained is and how it can help your business.
What are Smart Contracts?
A smart contract is a special type of account on a blockchain, such as Ethereum. Unlike normal user accounts, smart contracts contain snippets of code that can run in response to a particular transaction. Instead of running this code on centralized services, the code is distributed to thousands of nodes, so that it is completely decentralized.
What are ADA Smart Contracts
Smart contracts are pre-programmed, automatic digital agreements. They are self-executing, unalterable, and incorruptible. They don’t necessitate any acts or the presence of others.
There are approximately 1,000 Plutus-based smart contracts on Cardano, according to Cardano blockchain insights released on Google’s Data Studio. Plutus, it should be noted, is the “Cardano blockchain smart contract platform” that allows users to “write applications that interact with the Cardano blockchain.”
What is Solidity Programming
Smart contracts on etherum is building using solidity language. Solidity is a statically-typed curly-braces programming language designed for developing smart contracts that run on Ethereum. Our developers have been learning solidity programming to build smart contacts on blockchain.
Smart Contract Examples:
Smart contracts are the future of decentralized services. Since you can build anything on a smart contract, the possibilities are endless. Today, smart contracts are being successfully used to build decentralized services in many major verticals. Blockchain smart contracts work best for these use-cases:
- If you are a creator of music or art you can build NFT smart contracts
- Decentralization is preferred, eg., escrow services.
- Services must be robust and always available, eg., finance.
- Results must be predictable and provably fair, eg., casinos.
- Complete and permanent history of all transactions is required, eg., property ownership.
- Smart contract crypto has been widely used.
Smart contracts are currently not scalable enough to power elow use-cases:
- Where instantaneous speeds are required. Smart contracts are slow (>15 seconds to perform actions). This makes them unsuitable for certains apps such as music-streaming.
- Where target users are not tech-savvy. Currently smart contracts are relatively difficult for normal users to use
There is no doubt that smart contracts are the future. By embracing this new paradigm early, your business will gain the first-mover advantage. While your competitors are still deciding on establishing a presence on the blockchain, you will already have a rock-solid foundation to grow your decentralized business. Most importantly, you will gain a large audience of high net-worth and tech-savvy individuals who are willing to buy your blockchain-based product.
