Ethereum platform is popular for creation of smart contracts. Ethereum smart contracts are basically programs that are designed to be executed just the way they were envisioned by their creators.Entrepreneurs are keen to introduce Ethereum smart contract development in their businesses.
Smart contracts act as autonomous agents and Ethereum supports diverse computational instructions and is ‘Turing-complete’.
Ethereum is a preferred language for smart contract development as :
Gives users the freedom to create arbitrary ownership rules.
For building decentralized applications acts as an alternative protocol.
Coding in Ethereum Smart Contracts
Ethereum Virtual Machine Code (EVM Code) consists of a series of bytes. Each byte represents an operation. It can be considered a stack based bytecode language. The execution of code is an infinite loop and output can also be a byte array of data.
Functionality of Ethereum Smart Contracts
Function as information unit.
Utility provider to other contracts.
User agreement manager.
Act as ‘Multi Signature Accounts’ so that financial transactions are carried out after consensus is obtained.
Deterministic Exchange Mechanisms.
Why implementing Ethereum Smart Contracts in your business could be a good idea?
Ethereum smart contracts will run the global business in future, they are the gen-next contracts. Switching to smart contracts can help your business immensely.
- Elimination of third party to validate the authenticity of your contract
- Security from third party manipulation of contract terms..
- Task automation and faster processing.
- More Accurate.
- Cost Efficient.
Another usp of implementing Ethereum Smart Contract for your business is
The information is saved multiple times and is accessible to users on blockchain via private key. Hence information can be accessed at anytime and the authenticity can be verified by consensus.
Applications of Ethereum Smart Contracts in business
Ethereum Smart Contracts can be used to adopt a conflict free way of exchanging anything of value. They can be used to make processes more streamlined and efficient.
Creation of a verifiable cloud environment : Decentralized technology will ensure that the system is trustworthy and users can randomly select checkpoints on a decentralized platform to verify its security.
Peer to Peer Betting : Online betting industry is marred by accusations of money laundering and lack of transparency. Integration of decentralized technology can resolve these issues. Our team of blockchain experts have come up with a revolutionary smart contract based product “BetHite” which will change the gamut of peer to peer sports betting.
Protection of intellectual property right : Prevention of misuse of intellectual property, ensuring that royalty is paid to rightful owner, preventing unauthorised use.
Supply Chain Management : Identity attestment, tracking inventory, verification, real time visibility by integration wit IoT.
Automation of Mortgages : Provide less error prone and frictionless process with features like automatic loan payment and liens release from records where loan is paid off.
Proposed Uses of decentralized technology in different fields.
Online voting procedure for choosing governments: Blockchain technology with help of smart contracts will ledger protect each vote. Identity verification and registration of vote will be more efficient and the entire process will be transparent and tamperproof.
Business logic coding in blockchain : This will enable better dispute resolution and conflict solving better in a business environment. Multiple stages of approval will not be needed and issue of transparency will be solved as well.
Blockchain in Fintech : Smart contracts will be used to transfer funds manage workflow. Error checking, calculating payout, checking claims and policies will be faster and fair.
Blockchain in Real Estate : Payment via cryptocurrencies and rental contract execution via smart contracts will be the future of real estate industry.
Blockchain in Healthcare : Whether it would be securing personal information of patients via private keys or encoding health records on blockchain and storing them securely on blockchain, all these practices will improve authenticity and credibility of healthcare and insurance industry.
Ethereum Smart contracts is one of the most promising applications of blockchain technology and has the potential to offer many opportunities to make businesses more profitable and efficient.
Techracers as a blockchain studio is committed to sustain the innovative momentum of blockchain as a technology and have employed skilled professionals to facilitate development of blockchain solutions and applications. We believe that Blockchain is the future and is revolutionizing entrepreneurs do business. The possibility of blockchain application in different industries is limitless and our Blockchain experts help clients evaluate and implement the best solutions. Contact us today to request a session with our expert.