Intelligent contracts are digital transaction protocols that are executed after compliance with a number of contract rules. Intellectual contracts are executed without third party intervention. Blockchain smart contracts are decentralized, and the data set entered into the contract is irreversible. Blockchain smart contracts are protected by cryptography. All data is stored decentralized, as in the case of any other blockchain data. This is the most transparent form of transaction between two parties. The entire transaction process is automated.
Below are examples of the use of smart contracts in real conditions.
- Commercial contracts: two commercial houses can be rented offline by hiring a legal adviser and finalizing the commercial conditions. It can cost both sides their time, effort and money. Later, a dispute may arise even regarding the contract or the terms of the contract. Blockchain technology solves this business problem through smart contracts. Develop a way to conduct business transparently and without problems. Once mutually agreed terms for running a business are programmed in a smart contract, no one can change it. It works as if the manufactured item was sent, then the manufacturer must receive payment.
- Smart contracts in education: if the academic data of an educational institution are on the blockchain, smart contracts can be defined. For example, in the process of administration, this may be applied. Suppose that if the university’s 12th board has a 96% reduction, then a written smart contract can be made. The programmed smart contract will select the profile of those students whose blockchain result shows 96% or more grades. Other terms of the contract may be those who wanted to go to university and can get more at YellowHeart Blockchain.
- Ownership of the blockchain: if the land-related data from the registry office brought the blockchain, everything will be quite transparent and there will be no fraudulent complaints. Developing smart land details contracts can greatly reduce inconvenience. Firstly, the duplication of property will be impossible. Land cannot be sold to more than one person. As for the header authorization check, there is no need to follow a strict autonomous process. Blockchain data will show the entire history of ownership of the land in question.