Smart contracts are one of the main killer features of blockchain solutions. Let's look deeply into what it is and what benefits it provides to the business.
First of all, any smart contract is a special blockchain-based or alternative protocol designed to digitally expedite, verify or implement a negotiation or some kind of execution of a contract. Distributed smart contracts are based on so-called dApps (decentralized applications) - distributed server-client applications that are run decentralized systems and allow achieving trustworthiness of transactions without any third parties entities. Transactions are 100% trackable in the decentralized blockchain and immutable.
Smart contracts architecture allows adding features to be made partly or completely owned and auto-performed or enforced, or both. The main goal of smart contracts is to implement a protection layer that would serve as a better means of regular negotiation basis and help diminishing transaction expenses associated with process negotiation. Many crypto currencies have executed some types of a smart contract.
Smart contracts could be helpful in such processes as assets exchange, property law, management of company shares or other values in a conflict-free and fully transparent way without a middleman.
Not only removing middlemen is a motto of smart contract usage. Smart contracts as well can define the negotiation rules and fines about an agreement in the way identical to a regular contract flow. A smart contract though can also automatically execute, operate and manage the defined commitment.
The best known platform to run smart contracts is Ethereum. Ethereum is a public blockchain network/platform that was built specifically for executing smart contracts. The so-called Etherum smart contract is a special code that is running on Ethereum through EVM (Ethereum Virtual Machine). Etherum smart contracts are developed with a special Ethereum language – Solidity.
IdeaSoft works not only with Etherum smart contracts but with a lot of different private and public networks: NEO, Hyperledger Fabric, Stellar, Corda, Ambrosus, EOS and etc. Using our expertise we could choose a better solution for every customer based on the business model, assets type and local regulations.