Smart Contracts are digital computer protocols that are backed with the ability to keep a track of the terms of agreement between businesses. Encoded in Blockchain, these virtual contracts provide ultimate security and decentralization, allowing you to replace traditional contracts, and save time and money for more important business processes.
Smart Contracts is creating a revolution in recent days as it promises to deliver the highest rate of accountability by guaranteeing the validity of any transaction. Blockchain is a network of computing nodes. It functions in a simple way by storing information across its networks that cannot be managed or controlled by any single entity and it poses to have no single point of failure. There is absolutely no space for manipulation with this technology. Totally decentralized! Smart contracts are software linked to the Blockchain.
One of the core benefits of Smart Contracts is that they easily automate transactions and business operations, making them clearer, more effective, and more secure. Moreover, with Smart Contracts, businesses can also bypass the imperfection of governmental and tax regulations, without any hassle. Here are listed a few amazing benefits of Smart Contracts:
- Quick, reliable, and immutable
- Automated monitoring
- Transparent record keeping
- Decentralized execution
- Intermediary-free transactions
- Higher accuracy
- Associated with cryptocurrency
- A self-auditing mechanism of digital value
- Automatic fulfillment of orders
- Creation of new business models
How Smart Contract works?
Smart contracts are virtual contracts encoded in Blockchain. It consists of a set of tasks that has self-executing nature. It can automatically keep track of the terms of an agreement and enable every step towards its fulfillment. When hosted on the Blockchain, a smart contract cannot be altered or interfered by any party, including the two agreement holders. If changes have to be made the entire network has to be altered.
Where are smart contracts used?
In a world of technology, the smart contracts do have various applications that range from every corner of business expectations. And we have narrated down a few application or areas of concern where smart contracts match down or which we can help you with,
- Financial institutions
- Real Estate
- Legal agreement
- Transport & Logistics
- Insurance sector
- Supply chain management
- Mortar/property sector
- Incoming sorting center
Business automation is getting serious these days as cutting costs, saving time, reducing manpower workforce and executing every process in a secured way is critical. Smart Contracts have the capacity to address this niche and they are here to improve your business.
Why choose Tokyo Techie?
Tokyo Techie is a technological giant in the making and continuously evolving by learning from our experiences. We propel ahead with our learning and transform into a technological giant. Tokyo Techie has provided innovative solutions to clientele across the furthest ends of business and scale spectrum.
Our expertise in blockchain development enables us to provide custom blockchain based solutions for applications in various industries. Decentralize and automate processes and save operational costs with strategically designed ICO, Smart contract, smart wallets, Hyperledger and other blockchain based solutions. Explore a world of possibilities with our services designed to give you the platform you need to succeed.
Implement smart contracts on an open-source platform for transparent, fast-forward performance for your business project. Smart contract codes are executed in decentralized, distributed manner to customize your requirements. Immutable smart contracts provide security and allow the secure storage of digital data. We provide:
- Conceptual token design
- Smart-contract implementation
- Smart-contract deployment