Learn How Smart Contracts in Blockchain Redefine Value Exchange

1
(No Transcript)
2
Learn How Smart Contracts in Blockchain
Redefine Value Exchange

• Ever since Blockchain came into the picture, we
  have seen a steady rise in its acceptance and
  applications. It is the new age internet which is
  transforming the industry like never before.
  While the world is still accepting the idea of
  digitization, it is also slowly picking up the
  pace of making way for Blockchain to become the
  mainstream technological support in running
  different business operations.

3

• Although the initial use of Blockchain was
  limited to a cryptocurrency exchange, this has
  transformed over a period of time, and today we
  can find a drastic increase in the application of
  this technology. At the same time, we cannot miss
  mentioning the part that Bitcoin remains an
  integral part of Blockchain.

4

• When we talk about Blockchain, then there is a
  lot to discuss it, we have seen its applications
  in the field of medical science, finance, supply
  chain etc. But it all boils down to the fact that
  Blockchain offers certain features which makes it
  one of the most sought after technological
  support. Some of the key features that Blockchain
  boasts about are

5

• Immutability
• Transparency
• Time-stamping
• Decentralization
• No third party involvement
• Smart Contracts

6

• Here we will be focusing on Smart Contracts and
  how it is redefining value exchange. While the
  internet is all about the exchange of
  information, Blockchain is about value exchange.

7
What are Smart Contracts?

• Before we go ahead and understand how smart
  contracts are going to redefine the value
  exchange process, it is important to gain some
  information about what are smart contracts.
• If we have to put it in simple words, then smart
  contracts are digitized contracts which are a
  replacement of the third party which are
  otherwise involved in the conventional
  agreements.

8

• It is a pre-programmed agreement the execution
  of the same takes place once the conditions
  agreed by the involved parties are met. This not
  only nullifies the need of having the third party
  but at the same time, the entire process is
  transparent and free from any tampering. Since
  Blockchain forms the base of smart contracts, the
  information that once enters the ledger becomes
  free from alteration, and hence, smart contracts
  are highly secure and free from having. This
  removes the ambiguity, which otherwise haunts the
  contract execution and its terms and conditions.

9

• It is very important to understand why there has
  been a steady inclination of Blockchain and smart
  contracts. Well, one of the reasons for the same
  is the drawbacks present in conventional
  contracts and agreements. Let's take an example
  of the real estate sector to find out how smart
  contracts can be a transformational change.

10

• In any real estate exchange process, the brokers
  or the agents have to go through a complete
  process of paperwork and other legal formalities.
  It not only consumes a lot of time but at the
  same time there is a greater probability of
  information alteration. Moreover, the agents also
  hold payment of one of the parties. In this
  scenario, we have to solely trust the agent for a
  lot of work, including the money.

11

• But all the real estate transaction boils down
  to how trustworthy is the agent. Now let's
  replace the agents with smart contract. In this
  case, all the work of a real estate agent is
  taken over by the smart contract. In this
  contract, both the parties are added, and the
  contract is programmed, which has all the
  conditions specified by the two parties. One of
  the conditions is that the transaction takes
  place as per the details mentioned on the smart
  contract.

12

• Once the conditions are met, the smart contracts
  get automatically executed, and the transaction
  flows along with the transfer of ownership takes
  place. There are several advantages to this
  process

13

• There is no need to rely on
  the third party for the transaction.
• Since the entire information is present
  on a smart contract which works on Blockchain
  Network, it is difficult to delete or alter the
  information. It becomes immutable, decentralized.

14

• It consumes lesser time and money. Since the
  third party is not present, all the interaction
  takes place directly between the two parties.
• Once the exchange takes place on Blockchain,
  it again gets stores on the DLT and becomes
  permanent and unalterable, which again adds to
  the authenticity of data.

15

• Wrapping it up- with a dire need to have a system
  which is highly transparent and works towards the
  benefits of both the parties, smart contracts
  have emerged as a popular medium of exchanging
  values without worrying about losing the
  information to the third party.

16
Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

17
(No Transcript)