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Smart contracts, also known as the crypto contract, is a computer
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program that will manage the transaction of digital currencies or assets
among two or more parties with speci c conditions. A smart contract
de nes the rules and penalties of any given agreement just like the
traditional agreement. Smart contracts execute digital transactions SEARCH
automatically and enforce obligations when required. This task is done by
taking in information as input, conveying value to that input via set rules  Search Now
in the contract, and implementing the de ned activities as per the
contractual clauses. The main bene t of using Smart Contracts is that all
transactions are traceable and irreversible. Smart contracts are work on
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Blockchain technology, which is famously known as a “decentralized
ledger”.  This technology is ideal for smart contracts storage due to its AcadGild
security and immutability. 
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Various Blockchain Platforms used For Big Data Hadoop & Spark
Smart Contract
Big Data Hadoop & Spark –
The list of blockchains platforms is growing longer with time. Before you Advanced
miss out on these technologies, this post provides details about of the
Blockchain
important platforms of blockchain and its role in the use of smart
contracts. The Blockchain platforms are Bitcoin, Ethereum, and
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Hyperledger Fabric.
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The evolution of Bitcoin has enhanced the compatibility between bitcoin Data Science and Arti cial
and Smart contracts. Smart contracts do not function as programmable Intelligence

and extensible on Bitcoin as it does on Ethereum. However, adding

Full stack Web Development
features to Bitcoin through improvement proposals, certain smart
contract functionality can be achieved through Bitcoin scripting. Graphic Design & UX

Ethereum
It is a public Blockchain platform and is one of the ideal operating
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systems for smart contract functionality. Ethereum, with time, has gained
popularity as a form of Blockchain for building smart contracts. In fact,
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one of the primitive agendas for designing this platform was to create 165,129 likes
smart contracts. The main di erence between Ethereum and Bitcoin is
that Ethereum houses a technology called smart contracts.
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Hyper Ledger
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Hyperledger is an open platform, built by collective e ort to develop
cross-business blockchain technologies. It is a global association,
accommodated by The Linux Foundation. Hyperledger is unlike Ethereum
and bitcoin doesn’t own a currency. It is a software built for processing.
The agenda behind designing Hyperledger is to o er vigorous and
e cient standards for blockchain ledger technology to ease pro table
implementations.

Smart Contracts is amid the core implementation of the blockchain. The

fact cannot be denied that business logic is the driving force for many
things in the blockchain, and Hyperledger eases things comparatively
more for Smart Contract application.
AcadGild
11 hours ago

Features of Smart Contract Most of us still don't understand

difference between Cryptocurre
The key features of smart contracts are: Blockchain technology.
A d i h i h d
Autonomy
Autonomy infers that once the smart contact is unveiled, the contract WHAT’S TRENDING
creator is not mandated to take part anymore in the process.

Decentralized
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Smart contracts are not hosted on a single server, it is rather distributed Data Science
network with various network point, which makes it decentralized. Glossary- Statistical
Tools and
Terminologies
Self-Executing  April 19, 2018

Blockchain-based smart contracts are self-executing. They tackle trust

Google & AI:
issues of the parties who’re a part of the agreement. This means they
Machine Learning
automatically utilize the terms of any given agreement between parties to Improve
on pre-set logic without any intermediaries. The computer network takes Information Access
control of the process with the support of consensus protocols to agree & Usability
upon the sequence of actions resulting from the contracts’ code.  April 18, 2018

“Humans Are
Bene ts of Blockchain Enabled Smart Underrated” – Why
Contracts Elon Musk Thinks
So
 April 17, 2018

The Smart Contract

Handbook
 April 16, 2018

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April 2018

March 2018

February 2018
For an array of developing applications, blockchain-based smart contracts
deliver e cient bene ts and they are: January 2018

The swiftness with instant updates: Smart contracts employ software December 2017

code to automate tasks that are typically done by humans. Hence, Smart
November 2017
contracts increase the speed of diverse business processes.
October 2017
Accuracy with Minimal Performance Risk 
September 2017
Automated transactions are not only faster, it protects the transactions
from fatal manual errors. This decentralized process also eliminates the August 2017
risk of manipulation, nonperformance, or errors since execution is
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automatically done by the network CORPORATE
and not by an TRAINING
individual/party. REVIEWS July
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2017 & EBOOKS
Fewer Mediators & Reduced Expenses June 2017

 Smart contracts reduce and eventually eliminate dependence on third- May 2017

party intermediaries that facilitate “trust” such as a bond or a security

April 2017
between two or more parties. Smart contracts minimize also eliminate
transaction expenses of contracting. The reason being, the elimination of
March 2017
middlemen by the Blockchain technology.
February 2017
New business or operational models: Smart contracts is an
economical as it ensures the reliability of the transactions pertaining to January 2017
clauses. It also empowers novel kinds of businesses, from peer-to-peer
December 2016
renewable energy trading to automated access to vehicles and storage
units and more.
November 2016

Smart Contracts Based Applications October 2016

Smart contracts eliminate the chaos and ambiguity from an agreement September 2016
because the execution is automatic. Thus, the underlying concept of
August 2016
smart contracts is applicable to a wide variety of businesses and
operations. To list a few: healthcare, nancial services, mortgage and any
July 2016
sector that could perform better with high security, automated actions,
which is based on certain conditions. Let’s learn about some of the June 2016
industries that bene t from smart contracts.
May 2016

Smart Contracts In Financial Services

April 2016

  March 2016

February 2016
Smart contracts, enabled by Blockchain, is the one-stop solution for
multiple problems of traditional nancial contracts. This has held back the
January 2016
sector of nance from nearing towards the digital age. Reliance on
physical documents leads to delays, ine ciencies, and increases December 2015
exposure to errors and fraud. Alternatively, Blockchain technology is
secure, which implies that smart contracts are more sheltered than November 2015

traditional contract law. Also, the use of smart contracts reduces several
August 2015
transaction costs associated with contracting, as blockchain technology
eradicates middlemen. June 2015

Mortgages May 2015

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November 2014
Smart contracts can program mortgage contracts to work automatically October 2014

with the spontaneous involvement of the parties involved. Smart

September 2014
contracts make the mortgage a frictionless and error-free process. In
addition to this, they automatically process payment and release liens
August 2014
from land records when the loan is paid. Also, smart contracts allow a fair
record for all related parties accompanied by precise payment tracing
and authentication. It reduces errors and costs associated with manual
processes.

Smart Contract In Healthcare

The use of Blockchain in Healthcare undeniably diminishes ine ciency

and saves time. Currently, the healthcare sector is chaotic and there is a
COURSES
lot of mistrust among all stakeholders. CORPORATE
This makes TRAINING
the transition to value- REVIEWS DOWNLOADS & EBOOKS
based care very di cult. The shared ledger capability of a healthcare
Blockchain will eliminate blockage and o er complete transparency to all
parties. This allows both payers and providers to negotiate about
complex vital healthcare claims, linked to the fee-for-service model.
Furthermore, Smart contracts also make the claims adjudication process
seamless. 

Future of Smart Contracts

Smart contracts a ground-breaking innovation built in hope that it will
allow e ective utilization of time and money because of its robotic nature.
It is often among the best innovations in blockchain technology as it
eliminates intermediary costs and speeds up the process. Thus, Smart
contract delivers the necessary parameters such as e ciency,
transparency and economic value to a multitude of sectors and services.

Smart contracts also boost the productivity of presently

alongshore assets. However, businesses have their roles to play and to
e ectively bene t from these innovative solutions and gain worth for
their businesses, organizations must adopt the Blockchain technology
more widely, as it helps to digitally and vigorously manage any form of
contracts.

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PAVITHRA VASIST
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 Pavithra is a Content Writer working with Aeon Learning Pvt
Ltd. She was previously working with MetricFox, a marketing
outsourcing rm as a Copy Writer. She holds a bachelor's
degree in Electrical and Electronics Engineering. Besides
writing, she spends time sketching, painting, traveling and
reading books. She resides in Bangalore.

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