Since smart contracts work and run on the blockchain, they function differently to what we are usually accustomed of. As compared to legal undertakings that are accessible on smartphones and computers, smart contracts honestly require a change in the roadway to building safe & secure codes. In this article, I will break down the crucial tips into detailed information that should give a clear picture of how to properly write smart contracts.
A lot of times, smart contracts are mistakenly thought of as an enhanced form of digital legal documents of some kind mainly because of that “contract” part in their name. Well, this is, by all means, far from the truth because they almost have nothing in common.
They are, in fact, a set of actions determined by their codes, programmed in such a way that they perform the same operations every time they are executed. Particularly, if we talk about Ethereum Smart Contracts Development, they are usually written in Solidity, a programming language based on JavaScript and C++ and formulated specifically for Ethereum.
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Blockchain is gradually taking over the business world by storm.
After cryptocurrency success, blockchain is making its way into other industries like healthcare, real estate, finance, gaming, social media, and so on.The unprecedented rise of cryptocurrencies in the last decade has paved a new path for various industry verticals.
Using the attributes of blockchain like transparency, immutability, and decentralization, they are improving their financial transactions and operations.
Thus, eradicating complexities from the most fundamental day-to-day operations.The innovative concept of blockchain is significantly reaching the masses.
It is steadily impacting various areas of life, including the complex real estate landscape.For instance, issues like lack of transparency and data redundancy in the rental agreements’ processes require immediate changes.Considering the daily dealings of real estate companies with contracts, “smart contracts” were need of the hour and indeed, a much-awaited breakthrough.However, interestingly, a computer scientist named Nick Szabo conceived the concept of digital contracts over 20 years ago.He proposed that the real estate industry requires smart contracts.
Because in a real estate office, numerous people deal with disagreements due to agreements created informally, such as those based on people’s selective memory.Nonetheless, if your wallet comes integrated within a smart contract implemented especially for such deals, it is immutable and fixed.In that case, either you’re in, or not.
Asset tokenization is a new concept that uses digital tokens to fractionalize ownership of assets such as property, jewellery or fine art and smart contracts on block chain to manage these ownership rights.
Being able to tokenize assets opens up new alternative investment opportunities for asset managers and their clients, but today, the business and technology infrastructure is not in place to be able to manage tokenized assets within the portfolio Management System.There are about Four Kinds of tokens:Payments or Platform TokensThese are cryptocurrencies used as a means of payment in the digital space, the likes of Bitcoin, Ether, and Lite coin etc.Utility Tokens:These tokens are simply app coins or user tokens.
They enable future access to the products or services offered by a Company.
Therefore, these tokens are not created to be an investment and does not require strict levels of Compliance .This is very rampant in the World of ICOs i.e.
Security Tokens:This is refers to tokens whose value is derived from real physical entities.i.e Company shares, Real estate ,Certificates,Bonds,Money etc.
Securities are a liquidized form of a real-world asset, therefore, these tokens are subject to federal laws that govern securities in their base of operation and must be Compliant.
However, Blockchain advancements are not limited only to finance.
Blockchain developers have recently come up with a new Blockchain technology that is actively conquering the market and has already become highly popular among many businesses – Smart Contracts.Smart Contracts are a disrupting technology for legal institutions.
It allows businesses to exclude third parties from the creation of agreements and improve their inner paper flows.
In this article, we’ll look into what Smart Contracts are, their benefits, and how companies are already applying this technology for their successful development.Smart Contracts ChallengesThe Externado University Civil Law Department organized a talk to answer questions on smart contracts and the Blockchain.Until now, contracts have been verbal or written documents subject to review by notaries, making them more expensive, just by the fact of having to go to a Notary Office and paying the corresponding document fee.This type of contract is not accessible to all and can be subject to interpretation.
In search of a solution to the problems posed by this model, smart contracts were created.Intelligent or electronic contracts are those exclusively accomplished through any digital medium when it has or can have, a real and direct impact on a specific agreement between two or more parties.The above definition was offered by Dr. Wilson Furtado, an expert in Information Society Law, guest speaker at the talk organized by the Externado de Colombia University Civil Law Department.Smart contracts were proposed over two decades ago by American cryptographer Nick Szabo.
Today, with the blockchain development company of Blockchain technology, the concept is resurfacing and becoming a reality.According to Furtado, the key to these contracts is they can be self-executing and self-enforcing; that is, not requiring an external mechanism, as required on verbal and written contracts.
Blockchain technology serves as the foundation for smart contracts and cryptocurrencies.
These are new age mediums for conducting secure, low cost, reliable, and tamperproof cross-border transactions.Smart contracts control the transfer of digital assets or currencies between buyers and sellers.
The advantage of a smart contract is that it automates the verification of the terms of an agreement and execute transactions.Conventional business agreements require a lawyer and a broker to monitor and complete a transaction.
Lawyers and brokers are the middlemen who oversee agreements including payments, delivery scheduling, invoicing, and meeting terms and conditions.
They usually charge a significant amount to execute contracts.Oodles Technologies is a leading smart contract development company.
We automate business processes and facilitate trusted transactions by following standard practices pertaining to smart contract architecture, design, development, audit, and optimization.
