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Introduction to smart contracts. Part 2

Smart contracts imply the existence of obligatory attributes:

  • application of methods of electronic signature, based on public and private keys, which are issued by the parties who sign the agreement;
  • Etherium smart contracts mean a record of the basic operations in the program, providing a link between the digital and the real world;
  • there must be the main subject of the contract and the tools that are necessary to perform the basic operations;
  • requirement of detailed conditions of contract implementation that are approved by the personal signature of each party.


Other areas of smart contracts use

Creating of a smart contract opened the door to people in a world of new opportunities. Now it is possible not only to put multi-signatures, but also to carry out operations with financial instruments of a simple type. Multi-signature is a classic version of smart contract. It gives the opportunity for parties who trust each other, to freeze a certain amount of coins in a special Blockchain. As a result, it will be necessary to get to the signatures of half of the participants in the program.

You can order a smart contract to use it in the sphere of primary distribution of coins. Smart contract programs in the way that the crypto currency sending was accompanied by the further return to the account in the event of failure of a created campaign. If the main objectives are achieved, the smart contract for ISO will transfer the funds to the developers. But this is only possible if the required number of participants of multi-signature will activate the keys issued to them. This confirms that the project is really fair.

Smart contract to order is necessary if you want to carry out operations in the financial market, accounting, auditing, perform digital identity and so on. Such developments are applied in many spheres of activity that made them popular.


Smart contracts and traditional contracts: what are the advantages of the first option?

Many people prefer to buy smart contract, because they believe that the main types of contractual relationships may carry self-executing nature. Cryptography, which is the main part of the smart contract, gives the possibility to rely on a high level of security. This is not peculiar to the traditional contracts, which are based on the law. Using smart contracts you can reduce transaction costs and avoid the risk of an unjust solution of an arm of court.

Then smart contract which cost is available, has the following advantages:

independence - you don't have to look for intermediaries who could confirm the fact of concluding and confirming the transaction;

reliability and security - all essential data will be saved in Blockchain in encrypted form;

saving and speed - Blockchain gives you the ability to fully automate the basic processes of the transaction;

accuracy - there completely excluded the errors in the process of filling in forms, as in the case of smart contracts all handmade is automated and minimized.

Thanks to these advantages many organizations chose smart contracts. You also can estimate the different types of smart contracts in order to campaign work and development was without problems.
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