With the advent of blockchain technology, the application of the Internet and IT is rapidly expanding to other non-conventional areas. Asset Management is one of them. Think of a situation in which you buy a flat from a seller without signing individual paper contracts, or you sell your home without writing long legal contracts and without the involvement of a third party such as a registrar. Yes, it is possible and it is the future. Smart contracts are the digital version of contracts and can be used to exchange digital assets. Smart contracts are used to exchange something more valuable in a safer way without intermediaries. Yes, these are some lines of code that allow the same purpose of a written contract. Shrewd contracts are essentially records of computerized exchanges that are executed after the agreement rules are met. Clever contract exchanges happen without the mediation of outsiders. The All information is put away in a decentralized way as with other blockchain information. This is the most straightforward sort of exchange between two gatherings.
The following are the real applications of intelligent contracts
Two commercial buildings can contract offline by hiring a legal advisor and setting the terms and conditions. This costs both sides time, effort and money. Later, there may even be a dispute over the contract or the terms of the contract. The blockchain technology solves this pain of the business world through intelligent contracts. It is developing a way to do business transparently without any problems. Once mutually agreed terms and conditions are defined in the Smart Contract, they can not be changed. It works as if a produced item has been shipped, then the manufacturer should receive the payment. Once a smart contract receives the data sent, it automatically releases the payment to the manufacturer. It does not require any intervention from anyone.
Smart contracts in education
When an educational institution’s academic data is on blockchain, smart contracts can be defined. For example, it can be applied in the approval process. Assuming a college has cut 96% on the 12th board, then a smart contract can be written. The programmed Smart Contract selects the profile of students whose score shows 96% or more notes on Blockchain. Other terms of contract may be who has wanted to be admitted to the university. The Blockchain Smart Contract can select the right candidates and automatically accept or accept applications. It can reduce a lot of trouble for the students and the colleges.
Blockchain land title
If the registry office land-based data is brought to Blockchain, things will be pretty transparent and there will be no fraudulent lawsuits. An intelligent contract development with land details can drastically reduce the effort. First of all, the replication of property rights is not possible. A country can not be sold to more than one person. As with the review of the title release, the strict offline process does not have to be adhered to. Blockchain data will represent the entire history of ownership of the country in question.
Author of this article is Robert Sanchez – famous economist, researcher at the neural network company and active blockchain enthusiast. Robert lives in Los Angeles with his family.