How to use smart contracts?
04.07.2019
Smart contracts are used in areas related to finance: insurance, loans, property re-registration, etc. Most of all they are in demand in business.
«The White Paper» issued by the Chamber of Digital Commerce contains a description of 12 areas of use of smart contracts.
The most famous example of use is multi-signature. Using it, the parties to the contract can seize the money in the blockchain and it will be possible to unfreeze them only with the signatures of more than half of the participants. This option provides a high level of security for the transfer of funds. If a smart contract is used to raise funds for a project, then this guarantees a refund to the investor in case of project failure. If the ICO was successful, then the participants of the multi-signature activate their keys and confirm that the project is honest.
Smart contracts are used in areas related to finance: insurance, loans, property re-registration, etc. Most of all they are in demand in business.
The white paper issued by the Chamber of Digital Commerce contains a description of 12 areas of use of smart contracts.
- Digital identity - control of all digital data.
- Uniform Commercial Code - smart contracts have the ability to digitize it and automate updates.
- They make it possible to bypass intermediaries in the transfer of securities.
- Ease of use in international transactions.
- Checking the product for compliance with standards after conducting sales transactions.
- Ease of financial accounting and data exchange between organizations.
- Automate the processing of mortgage payments.
- Transfer of ownership without risk to either party.
- Tracking the supply chain of goods from the factory to the store shelf.
- When car insurance allows you to record the history of driving, as well as find the cause of the accident.
- You can maintain a single database of patients and conveniently transfer them between hospitals.
- Smart contracts make it possible to disseminate information about oncological diseases and maintain the confidentiality of patient data.
Course dynamics
Current Articles
Payments in USDT at every trading point in Ukraine. And it’s no longer fiction. Here’s how to do it.
Tether is no longer just a term from the cryptocurrency sphere, but a practical reality at every trading point in Ukraine. Buying USDT with a card in Ukraine has become a simple and accessible process. There is no need for lengthy explanations on how to do it anymore. Let’s now discuss how to do it so that everyone can easily buy Tether, find out the price of USDT in hryvnias, and conduct operations with Bitcoin and USDT without unnecessary hassle.
When it comes to stability in the world of cryptocurrencies, it’s impossible not to think of Tether, whose token USDT is pegged to the US dollar. After all, Tether stands out among other cryptocurrencies with its unique feature: its price is inseparably linked to fiat currencies such as the US dollar or the euro.
USDT, often dubbed as the gold standard of stablecoins, remains a stalwart in the volatile realm of cryptocurrencies. Tethered to the value of the US dollar at a 1:1 ratio, USDT boasts a digital fortress backed by equivalent dollar reserves for every single unit in circulation. Unlike its volatile counterparts, USDT, along with its ilk, endeavors to maintain an unwavering value, rendering them indispensable for both trading and storing wealth.