Smart Contracts – The Future is Here

The world of commerce is being transformed by the digital revolution we are currently experiencing, and smart contracts are just one of the many digital products that are changing the business world for the better. Contracts have always been a core component of commercial transactions, and with digital solutions, we no longer require 3rd parties, as the contract self-executes when specific conditions have been met.

How Do Smart Contracts Work?

A smart contract has code written that enables implementation when conditions are met, which eliminates the need for trust and any third-party involvement. The contracts are stored on a blockchain, which is 100% secure, and when you audit smart contracts, it will reveal any vulnerabilities. And with a trusted seal of approval, all parties can move ahead with a high level of confidence, knowing that the terms and conditions are set in stone and nothing is implemented until the conditions have been met.

Are Smart Contracts Easy to Set Up?

There are specialized software developers who create smart contracts and carry out auditing to ensure all is well. They run on a blockchain, which is completely secure, and that eliminates the need for any 3rd parties, and transactions happen when conditions are fulfilled. They can run as long as you want them to, and can also be reviewed at any time, and the T&Cs can be altered if all are in agreement.

Who Uses Smart Contracts?

Many industries make good use of smart contracts, and here are just a few:

• Real estate – Funds are held on the blockchain until conditions are met, then payment is made to the seller, which eliminates the need for third-party involvement, and that reduces costs.
• Import/export – Smart contracts are widely used when cargo is moved around the world, which are replacing the traditional LCs. Once the importer has received the goods and is happy, the funds are transferred to the exporter, and this streamlines the processes, reducing agent workloads. Tourism in the US is on the rise, which is great news for the economy.
• Construction – Funds are held on a blockchain, and when certain stages are reached, agreed amounts are automatically released to allow the builder to continue with the project.
• Logistics – Carriers are automatically paid when cargo reaches its destination, and smart contracts can run indefinitely if you have long-term agreements with a carrier. 
• Auto industry – Vehicle manufacturers use smart contracts to pay component suppliers; when all conditions are met, the smart contract self-executes, and all parties are happy.
• Airlines – Of course, airlines have to pay to use airports, and with regular scheduled flights, smart contracts execute as and when pre-set conditions are met. This saves both time and money, and both parties are satisfied with the system, as payments are only delayed when conditions have yet to be met.

If you are interested in using smart contracts, Google can take you to the website of a leading US digital software company that works with smart contracts and with top-notch cybersecurity as standard. The system is 100% secure.