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Smart contract will do everything itself

Later development of smart contracts was unknown to the public. That is why the organizations used ordinary documents drawn up by accepted forms on paper. These papers were signed manually by sending them to travel around the world to collect signatures. After that, people had to comply with all the provisions of the contract.

Development processes is conditioned to the fact that modern technologies are constantly evolving and changing. People decided to create contracts that could overcome the space for a few seconds, allow automating the terms of agreements. It was necessary to achieve the automatic execution of contracts, eliminating the human factor. That's why creating smart contract became an appropriate solution to this issue.

What is such a novelty? Smart contract in simple words is an agreement between the organizations or people, which is described in the form of program code. Programming smart contracts allows making basic operation in automatic mode. Special programs – "oracles" provide a bunch of digital and the real world.

How to create a smart contract that will actually work? Usually it is written in Blockchain, but there is other common environment. Blockchain gives the ability to record and save the programming logic of smart contract to all messages have been grouped together. These messages serve as inputs and outputs of the special program code. As a result, the smart contract audit leads to certain actions in reality or in digital format.

You can order smart contract to understand its functioning. We will not do deeply into this issue. We will mention only the most important nuances:

  • this is a special digital identification, which involves digital signatures of all parties that make up the contract;
  • to make smart contract you need a private decentralized environment that stores key contacts and communication between the digital and the real world appear;
  • there must be a contract subject, as well as tools for its implementation. For example, crypto currencies are necessary for calculations, but you will need program - "Oracle" for connection with the real word;
  • specifically described conditions of contract implementation are needed, which are accepted by the participants by their digital signatures.

You should always think about these important issues. If you do everything correctly, automated documents will give a possibility to establish and accelerate the development of the company.
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