The evolution of the Blockchain Technology has marked the beginning of a new technological era and will play a crucial role in fostering the next industrial revolution. The Blockchain technology is supposed to have a potential application not only in the financial industry but across sectors of real-estate, insurance, service sector and more.
‘Smart Contracts’ is a smart, digitised and decentralised way of forming contracts between two parties or businesses and is powered by the blockchain technology. Smart contracts are basically computer protocols which help to create, verify and executes the negotiated contracts after achieving the pre-defined specific tasks and goals. As a result. Smart Contracts offer a more transparent way of doing business and involve low costs, faster execution times, tamper-proof, minimum human error and conflict-free because of no third-party involvement.
Smart Contracts has the most secured Blockchain Infrastructure wherein it can store all the contractual rules and agreement between the parties. Once the contract is formed by all the necessary rules and conditions, it is continuously monitored by computers running the blockchain. The beauty about ‘Smart Contracts’ is that in addition to framing the rules and penalties of the agreements like any traditional contracts, it will also enforce and execute the necessary action as the conditions are met.
In the words of Vitalik Buterin, an Ethereum programmer, Smart Contracts is a smart code that “automatically validates a condition and it automatically determines whether the asset should go to one person or back to the other person, or whether it should be immediately refunded to the person who sent it or some combination thereof.”
However, forming of smart contracts is not a very easy job as it requires some serious and intense programming skills. Although there are some of the ICO startups which help businesses and individuals to form smart contracts. Here, we will be discussing the working of some of the best ICO platforms for Managing smart Contracts.
Confideal is a very useful platform which provides a smart, simple and secure way of forming contracts and agreements based on the Ethereal blockchain. Confideal, with its art contract application, aims to eliminate the existing contractual problems like time delays, risk of forgery, high costs of dispute settlements etc.
Confideal’s smart contract applications is a prewritten smart contract which allows users or the parties to set its own terms of contracts without any need of programming skills. Thus Confideal serves as an impartial escrow agent which stores all the terms of the deal and the money. Once the pre-defined contract is fulfilled, it takes the necessary action of transferring money to the desired party.
“The terms of the contract are established before it is signed and are stored on the blockchain. That is why it is impossible to change its terms after both sides have agreed to them. The contract can only be closed or broken according to the original arrangements.”
This ensures a huge level of transparency between the parties and businesses involved. Confideal’s solution is applicable to a wide range of applications like employment contracts, international supply deals and cryptocurrency-based escrow services for several real estate parties. ICO start – 2nd NOV. Visit the website to learn more.
ChainLink is an interesting and unique platform that works on solving the connectivity issues associated with Smart Contracts. ChainLink helps contract creator to connect their smart contracts with external off-line data and APIs. ChainLink serves as a secure blockchain middleware that helps connect smart contracts with several retail and bank payments services.
This is first-of-its-kind decentralised oracle network which helps to connect the smart contracts with external resources. Anyone having APIs, off-chain payment services or data can provide it to smart contracts in exchange of LINK tokens.
This means if your business offers any other services or payments options and wants to perform cross-border operations, you can create your own decentralised smart contracts on the blockchain network and link it through ChainLink Node Operator.
Does your business need a transparent, secured and fast method of forming contracts and agreements? Join the party with EtherParty that offers a convenient way to form smart contacts in quick and simple steps without the hustle of undergoing through intense programming tasks.
EtherParty provides a complete platform for creating, managing and executing smart contracts on any blockchain. The EtherParty app will form an end-to-end encryption of your contract with all the important contract caveats and conditions as decided by the two parties involved. It then deploys this smart contracts on the Ethereum Network with different contract types like Sports Betting, Token Creation and CrowdFunding.
Just have a look at how easy it is about creating an managing your Smart Contracts with Ether Party.
BlockCAT is yet another smart-contract managing platform which takes care of the end-to-end process of creating, managing, deploying and executing smart contracts on the Ethereum blockchain. BlockCAT offers an easy-to-understand and simple interface without any specific required programming skills.
Needless to say that BlockCAT addresses all three major key points in smart contracts of being FAST, COST-EFFECTIVE and SAFE. BlockCAT visual interface is unique and easy-to-understand allowing users to create and deploy their own smart contracts on the Ethereal blockchain in few simple clicks either on desktop or mobile interface. BlockCAT helps to form decentralised secure business deals which you can customise as per your requirements giving the ultimate peace of mind.
Technology has enabled businesses to go global and the sort contracts industry has a huge potential to provide businesses with the much essential boost by establishing a transparent, secured and fast way of executing projects. The Smart Contract Industry finds its application across multiple sectors of financial and banking institutions, real-estate, the insurance industry and much more.
It would be not wrong to say that in days to come, smart contracts would be dominating the way businesses are done.