What is Smart Contract and how it can help your business?
Smart Contract is one of the utilization of Blockchain technology. Many Crypto projects use Blockchain technology to develop their products and ecosystem.
What is Smart Contract?
Smart Contract is set in order to be executed on Blockchain. Transactions on Smart Contract is a Peer-to-Peer transaction, which means that there is no need for a middleman to execute orders on Smart Contract. Smart Contract can reduce risk of human error and is very transparent as everyone can verify Smart Contract, avoding risk of cyber attack.
There are many use cases of Smart Contract on Crypto world such as Etherem. Smart Contract can be used in employment agreement, hire of work agreement, purchase and sale agreement and other agreements. Using Smart Contract can be economical, fast and reduces the process. People cannot change or revise Smart Contract.
Smart Contract Use Case
A lent a house from B. This rental agreement was made on Smart Contract. A agreed to pay rental fee to B on 1st of every month. The rental fee is THB20,000. If B did not pay the rental fee to A, the electricity and water system would be shut down. The door will automatically lock.
Smart Contract is a good fit for lessor and lessee as it promises that both parties will comply with their responsibilities under the lease. No one can exploit Smart Contract.
This is the reason why many businesses implement Smart Contract to their products and services or implement it in the contract. Astra Studio provides Smart Contract developments for clients as well. We will create a Smart Contract that answers your needs.
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