Blockchain and smart contracts

A smart contract is a self-executing contract where the terms of the agreement between the buyer and seller are written in lines of code.

A smart contract is a self-executing contract in which the terms of the agreement between the buyer and seller are written in the form of lines of code. The code and the agreements it contain exist on a distributed, decentralized blockchain network.

Put simply, blockchain and smart contracts can be used to license intellectual property works by reducing transaction costs and creating a direct link between creators/inventors and users.

A smart contract is computer program code that can enable, execute, and enforce a contract without human intervention. The terms of the contract are pre-programmed. This reduces administrative burden and cost. Smart contracts allow licenses for the use of intellectual property to be executed independently of the use of a work. In practice, it looks something like this: When an audio track is purchased, the buyer automatically acquires a listening license that is registered in a blockchain registry.

Smart contracts can also be used for micropayments for content use. The creator can provide a payment address (e-wallet) that allows the user to make a micropayment to the creator in exchange for using the work.

This system can eliminate the need for financial intermediaries, allowing the creator to receive compensation without having to bear high transaction costs. The system also ensures the simplicity and transparency of transactions related to intellectual property. Proponents of smart contracts talk about advantages over traditional contracts. Many types of agreements are fully or to some degree self-executing. The backbone of smart contracts is cryptography, which guarantees greater security across the board compared to ordinary legal agreements, whether they involve smart contracts or crypto trading. All those who have already experienced Bitcoin Prime understand that it is not only safe, but also lucrative.

These are you the main advantages of smart contracts:

  • They are autonomous, as no intermediary person is required to sign and confirm the agreement. Regular contracts require a banker, a notary, a lawyer, etc.
  • They are secure and reliable because the terms of the contract are duplicated and encrypted more than once in the blockchain. In addition, the reliability of the system is ensured by the application of mathematical patterns, thus eliminating hacking and the alteration of information by intruders.
  • They are operationally and cost efficient as Blockchain eliminates the need for intermediaries and the process can be automated.

Blockchain can be useful for almost all businesses engaged in commercial trading. Blockchain allows asset owners to track and exchange items of value, such as debt, in a secure, transparent, and consistent chain of transactions.

Suppose an artist decides to sell his music or video work for an advertising campaign. With blockchain, he can ensure that his work is not used for other purposes or copied illegally. The same principle could be applied to the sale of a physical item, either together or separately from the ownership of the item.

Until now, companies have relied on third parties to protect their shared information databases through firewalls and access restrictions. As frequent data breaches demonstrate, this practice does not work perfectly. However, if each data item is secured and encrypted with a blockchain user’s key, a cybercriminal would need to access each participant’s key to gain access to all data.

While this doesn’t mean that blockchain makes all data 100% secure, it can certainly help prevent the disclosure of large amounts of personal data about a company’s employees. Imagine if a company gave an employee a key to access all their accounts within a secure blockchain that included employees.

People would be able to share their data securely with employers or other institutions without relying on virtual documents, which are unreliable and easy to forge.

Invest the best smart contract now: VENICE Coin

VENICE is the utility token of the Venice Swap Platform used in all transactions related to distributed credits.

Venice Swap app is a peer-to-peer system for trading ERC-20 tokens on the Ethereum blockchain. Venice Swap protocol is defined by immutable, persistent, non-upgradable smart contracts that run on Ethereum. It is designed to enable trades without reliance on any trusted intermediaries who may selectively restrict access

VENICE is the cryptocurrency that powers Venice Swap ecosystem. It follows ERC20 token standard on the Ethereum blockchain.

Smart Contract: 0xf6d4fbc3b86811df25d829a14dae0269a3ee5462

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