Smart contract trades occur with no intervention of third thing. Blockchain smart contracts are decentralized and information collection entered at the contract is permanent. Blockchain smart contracts are procured by cryptography.
All of the information is saved in a decentralized manner as in the event of another Blockchain data. This really is the most transparent means of trades between two parties. The entire transaction procedure is automated. You can get blockchain smart contract development facilities through the internet.
Following are the real-world uses of smart contracts
1. Business Contracts – Two business houses can contract offline by hiring a legal counselor and finalizing the business terms. This may cost both parties their time, effort, and money. Later, there can be a dispute even regarding the contract or contract terms.
Blockchain technology solves this pain of the business world through smart contracts. It devises a way to do the business transparently without any hassle. Once mutually agreed business terms programmed in the smart contract, it can't be modified by anyone.
It works like if a manufactured item has been shipped then the manufacturer should receive the payment. As smart contract receives the data shipped, it releases the payment to the manufacturer automatically. It doesn't require the intervention of anyone.
2. Smart Contracts in Education – If academic data of an educational institution is on Blockchain, then smart contracts can be defined. For example, in the process of admission, it can be applied. Suppose if a college has cut off marks 96% in 12th board then there can be a smart contract written.
The programmed smart contract will select profile of such students whose result on blockchain shows 96% or more marks.
Another contract terms can be who have desired for admission in the college. The blockchain smart contract can pick right candidates and apply or accept applications automatically. It can reduce a lot of hassles to the students and to the colleges.