An Overview of Smart Contracts Development

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An Overview of Smart Contracts Development
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Smart contracts- The concept

• Smart contracts are digital contracts or
  agreements that are stored within the blockchain
  network.
• They are a tool or software program that
  facilitates terms of the agreement between users,
  verifies them, and automatically executes
  transactions. 
• Smart contracts are known as Killer
  applications as they have more potential than
  any other traditional applications.

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How smart contracts work?

• Unlike traditional businesses, smart contracts do
  not involve any third party or paperwork. 
• They are like a program or code that contains
  specific terms and conditions. And when it is
  agreed by both the parties, the transactions are
  automatically executed
• Smart contracts store the users monetary value
  or property information over a distributed ledger
  and the users can view them in real-time.

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Core Benefits of Smart Contracts

• Smart contracts are paperless, hence they are
  more efficient and cost-effective.
• They work based on a decentralized distributed
  network. So there is no single point of failure. 
• They are more accurate and secure as they allow
  investors to conduct peer-to-peer transactions
  and the risk factors are eliminated.

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Use-cases of smart contracts in different
industries

• Real estate- Real estate is a vast industry with
  its own set of complexities. Smart contracts help
  eliminate them and help with quicker, efficient
  transactions and offer more transparency to the
  users. 
• Banking and Finance- Smart contracts simplifies
  the process of commercial transactions and
  improves speed and accuracy. 
• Healthcare- With the help of smart contracts,
  healthcare providers can transmit and analyze
  patient information accurately and efficiently.
  And it also helps in maintaining patient
  confidentiality.

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Cryptocurrencies that offer smart contracts

• Ethereum (ETH)
• Bitcoin (BTC)
• Ripple (XRP)
• Nxt( NXT)
• Decred(DCR)

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Essential components for smart contracts

• Thoroughly planned digital architecture with
  bug-free workflow
• Legitimate auditing and optimization for
  customers to save ethereum gas
• User-friendly design and customization
  adaptability.

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Future scope for smart contracts

• As per research, the global smart contracts
  market is expected to hit a value of 3000 USD
  million by the end of 2023 with an annual growth
  rate of 32
• The use-cases of smart contracts is wide-spread
  among almost every major industry. 
• Various international and domestic organizations,
  and even newcomers are adapting smart contracts
  into their business.

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How to create smart contracts?

• Conduct extensive research on the market trends
  and requirements. 
• Analyze relative use cases based on the industry
  you are operating. 
• Choose a well experienced, reliable smart
  contracts development company.

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