Smart Contract Explained: Exciting Application of Blockchain Technology

Blockchain Technology plays an important role in the development of smart contracts for the smooth running of peer to peer transactions. Experts believe that by the end of 2023 Smart Contracts will give 23% of annual productivity.

With the occurrence of this wonderful application small entrepreneurs are still struggling to find the appropriate solution for their system. Yet there are still opportunities open for these small and medium sized companies.

What is Smart Contract?

Normal business contract requires the presence of the legal advisors till the end of the procedure. Smart Contracts eliminate the presence of third party in the scenario and lets the involved persons define their terms. Initially the contract is to be registered and legally cleared.Further steps are automated and completed at the time of event.

Smart Contract in Practical Application

Smart Contracts cover almost every medium and small business. These contracts assure that the company has resource to fill orders and service delivery information. Notable application of smart contract explained:

Employment Contract

Smart employment contract means the employees are aware of what is expected from them and the compensation they receive for the job. Transparency in contract helps to maintain good relationship among staffs and wages can be paid through contract itself.

Engagement Contract

Smart contract explained as to maintain clear records in services like consulting, event planning etc., and keep everyone clear on when, where and how you deliver what you have promised. Discrete contracts helps to identify each goal met to automate the payment. Engagement contract results in proper cash flow and customer satisfaction.

Real Estate

Are you a realtor? Then consider smart contract, the best remedy to streamline the process with less spending. The entire transactions from buying to selling can be managed remotely from where the parties live. Once the entire phase is over, the buyer automatically receives his deed.

Automated Contract

In most of the small businesses, the clients maintain their credit card details in file for automated payment. Smart contract break this in secure way of file maintenance with better data protection to the customers. The smart contract explained through blockchain technology makes client’s information more secure and the contract ledger feature automatically records when you paid.

Conclusion

Smart Contracts are already in action and can promote the future of business. The agreements made in contract save time and money instead of building transparency between parties. Experts from reputed companies like Colan Infotech develop the perfect and mind blowing smart contract application to promote secure business.