SMA RT C ONTRACT blockchaindevelopment.io
What is Smart Contract? Smart Contracts help you exchange anything of value in a transparent, conflict-free ecosystem that is based on Blockchain.
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Smart Contract Audit Smart contract audit includes automatic and manual tests. Automatic audit aims to find commonly encountered security vulnerabilities; manual test outlines efficiency, logical, and optimization improvements. A smart contract audit is basically the same as a conventional code audit: it aims at finding security vulnerabilities before the code is deployed. Over/Underflows, Reentrancy, and Front Running are among the most widespread smart contract vulnerabilities.
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Smart Contract Development Smart Contract solutions are a revolutionary blockchain application. What they do, essentially, is to secure the fulfillment of a contract without having to get any third party involved. The conditions are predetermined at the time of contract creation, and it is part of the blockchain between the bank computers. A smart contract means there can be no interference with the code. As long as the conditions are met, the outcome is inevitable.
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What are the Advnatages of Smart Contract Accuracy
Transparency
One of the primary
The terms and conditions of
requirements of a smart
these contracts are fully
contract is to record all terms and conditions in explicit detail.
visible and accessible to all relevant parties. There is no way to dispute them once the contract is established. This facilitates total transparency of the
Clear Communication
Speed
The need for accuracy in
These contracts run on
detailing the contract
software code and live on
results in everything being
the internet. As a result,
explicit. There can be no
they can execute
room for
transactions very quickly.
miscommunication or
This speed can shave hours
misinterpretation.
off many traditional business processes.
transaction to all concerned parties.
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What are the Advnatages of Smart Contract Security
Efficiency
Storage & Backup
Paper Free
Automated contracts use the
A natural byproduct of the
Businesses across the globe
highest level of data
These contracts record
speed and accuracy of these
are becoming increasingly
encryption currently
essential details in each
contracts is the effi ciency
conscious about their impact
available, which is the same
transaction. Therefore,
with which they operate.
on the environment. Smart
anytime your details are
contracts enable the “go-
used in a contract, they are
Higher effi ciencies result in
green� movement because
permanently stored for
more value-generating
they live and breathe in the
This level of protection
future records.
transactions processed per
virtual world.
makes them amongst the
unit of time.
standard that modern crypto-currencies use.
In the event of data loss,
most secure items on the
This removes the need for
world wide web.
these attributes are easily
vast reams of paper.
retrievable.
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What are the Advnatages of Smart Contract Savings Perhaps one of the most signifi cant advantages of automated contracts is that they eliminate the need for a vast chain of middlemen. There’s no need for lawyers, witnesses, banks and other intermediaries.
Trust
Guaranteed OutcomesÂ
High Speed
Smart contracts generate
Another attractive feature of
absolute confi dence in their
these contracts may be the
execution. The transparent,
potential to reduce
autonomous, and secure
signifi cantly or even
nature of the agreement
eliminate the need for
removes any possibility of
litigation and courts. By
manipulation, bias, or error.
using a self-executing
As these contracts run on software codes, the speed of executing transactions are much quicker with Smart Contract as compared to real-world contracts,
contract, parties commit
which calls for man-hours for
Once solemnized, the
themselves to bind by the
contract is executed
rules and determinations of
automatically by the network.
the underlying code.
documentation.
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Use Cases of Smart Contract 1. Financial Services
Trade Clearing
Insurance Claim
Micro-Insurance
Lets you manage the approval
Performs routing, error checking, and the
Estimates and Transfers the
workfl ow between the counterparties
approval workfl ow, once found correct, it
micropayments on the basis of usage
and transfer funds once the trade
transfer payment to the user once the
data collected from IoT enabled
settlement amounts are calculated.
payout is calculated on the basis of claim
device.
type and the underlying policy.
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Use Cases of Smart Contract 2. Healthcare
EMR
Medical Research
Track Health
Enable transfer or access to the
Researchers can gain access to the
Track health-related events through the
health record once the multi-
users’ health data by making
various IoT devices that the patients’
signature approval is established
micropayments to the patients for their
use and rewards can be generated
between the providers and patients.
participation.
when they hit a milestone.
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Use Cases of Smart Contract 3. CrossIndustry
Supply Chain
Product Provenance
Voting
Transfer the payment once the multi-
Enable chain-of-custody for the
signature approval for the letter of
Validate the voter criteria, enter the
products in the supply chain in which
credit is received. Smart Contracts can
vote in Blockchain, and initiate
party in custody can log evidence
also be used to issue port payments
specifi ed action that would follow the
about the product.
majority vote.
after custody change for the bills of lading is made
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