Blockchain is a decentralized system, which is a set of computers connected in one network. The main advantage of this option is that you don't have to pay for the services of intermediaries. This can save a lot of time and finance.
Blockchain has weaknesses, but it is considered to be faster and more reliable, if we compare it with systems of traditional type. Banks and government organizations started to use similar technology for personal needs long time ago.
Development of smart contracts, which are an integral part of the Blockchain, is started many years ago. In 1994 Nick Sabo found that decentralized registry provides the ability to easily conclude the smart contract in due form. These were the smart contracts, previously called self-executing or digital contracts.
Creating of smart contract implies the formation of a special code that is stored and duplicated in the system. Blockchain provides the contract implementation with the help of computers, interconnected by the network. Such a register makes possible to transfer finances to other people to obtain the necessary goods or services.
Writing of smart contracts allowed make easier work in various life spheres. Its use varies widely, so it's worth learn this issue in more detail.
Experts argue that the election results cannot be faked. But programming of smart contracts gives the ability to completely eliminate all sorts of intervention in particular voting system.
The voices of all the electors placed in a special register. To decode them, you will have to use the computer power. Computers will not allow third parties to hack the system, because all data is securely protected.
Using Blockchain you can not only create a transparent register, possessing a high level of reliability. It gives the possibility to avoid misunderstandings in the case of a joint work. You can order smart contract that all terms of the deals were maximally understandable and accessible.
Logistics and supply
Jeff Garzik, the protocol developer, says:
"UPS has the opportunity to fulfill those contracts in which said: "If it was paid for the delivery of goods, then its manufacturer immediately creates the same products, because it has already been delivered in the necessary location.
Unfortunately, the supply is suffering because of high levels of bureaucracy. Different forms have been argued in a variety of instances, that takes too much time. Scammers make money thanks to this situation, and companies have to pay a lot. Now smart contract with a low cost will deal with similar problems. Each participant in the chain gets an access to the E-type system, which can be used to control payments and perform basic tasks.
Many prestigious organizations are interested in the announcement "I will write smart contract". For example, banking institution, Barclays Corporate Bank, uses modern technology to transfer payments in other companies in the automatic mode, as well as to conduct operations with the transfer of ownership in a safe environment.
Have you ever thought about everything in future will be automated? Google Company started to achieve its dream by creating intelligent machines, sunglasses and smartphones. Even in this regard various types of smart contracts are considered indispensable.
For example, take as a basis the self-managed vehicles. Using smart contracts you can accurately determine exactly who is guilty for the accident. They will also decide the many other important issues. Smart contract to order will give the ability to set the size of the contributions by the insurance company. The final decision will be taken by the system after it determines the conditions in which the vehicle is operated.
Other areas of activity
Etherium smart contracts are used in other industries. For example, in the accounting process, the technologies allow to assess the risks and to audit in real time. Lawyers have the ability to opt out of traditional contracts, using the innovative technologies. The website Blockchain Technologies, where contracts of this type has been turned into a special hybrid is far gone. Documents must be verified by Blockchain as a result, they receive the material embodiment in the form of paper.