Blockchain Wins Financial Wars with Smart Contracts

“Smart Contracts ensure highly specific outcomes with no confusion”

The Blockchain technology is taking over the financial market with immense acceleration. Blockchain has multiple advantages over the traditional banking system, some of them are:

• Decentralized system
• No intermediaries required
• Saves time and conflicts

Some great minds are working to make our financial exchanges smooth through the use of Blockchain. This technology powered by Smart Contracts removesthe burden of the mind-numbing tedious task of documentation and form filling. The process can be implemented by converting business contracts into computer codes. These defined codes are further stored and replicated on a system which is being supervised by the network.The autonomous execution feature (when exposed to the specific data triggers) of the Smart Contracts enhances the security.

Smart Contracts have true benefits, and this is how:

No intermediaries are required for validation. The network itself validate the transactions maintaining — Autonomy

Document is encrypted, hence both the merchant and customer can’t alter the facts — Building Trust

Smart Contracts are duplicated many times on the distributed ledger of theBlockchain- always creating a Backup

Hacking can be ruled out because cryptography keeps the document safe — maintaining Security and Safety

No paperwork means reduction intime required to complete processes, thus massive –Reduction in Time

It eliminates the need for intermediaries, and helping you save a lot –Reduction in Cost

Sincethe need for manual filling of forms is now eliminated — Accuracy is achieved.

For a better understanding, let go through the illustration in the example given below.

Example: Suppose ‘A’ rents an apartment from ‘B’.‘A’uses Blockchain for payment, receiving a receipt of the virtual contract. ‘B’ generates a digital entry key for ‘A’, which would be valid on the entry date. This program also holds two functions of releasing the fee to ‘B’ and key to ‘A’ when the date arrives. The document will automatically be canceled after set date; code specified cannot be interfered by either ‘A’ or ‘B’.

Smart Contracts can resolve all sorts of issues we face while documenting an agreement. Small merchant from sectors like real estate, art, and music etc. can gain significantly from Smart Contracts. They are embedded into transactions which later simplify complex procurement, negotiations and verification processes for these organizations.

TokenAsia, with its team of experienced and competent Blockchain developers, can code the perfect ICO Smart Contracts for you. We are a group of ICO consultants, digital marketers, and developers who can manage your ICO end-to-end. Drop us an email at hello@tokenasia.com and we would be happy to have a word with you.

Originally published at tokenasia.com on June 2, 2018.