Tuesday, April 24, 2018

How Smart Contract Services Can Save You Time and Money

Michael Kordvani


In the beginning of 2018, some predicted that it would be a huge year for platform cryptocurrencies because they provide a foundation that other blockchain applications can be built on. It’s still too early to tell whether that prediction will turn out to be correct. One thing we know for certain is that they are gaining momentum and popularity. Right now, the biggest platform to build dApps on is Ethereum, but there are many other notable platforms.


The platforms that are closing in on Ethereum are Qtum, EOS, NEO and Cardano. Smart contract services are the key ingredients that make all these platform cryptocurrencies extremely valuable. Out of these platforms, the ones that continue to evolve and innovate will reign as the leaders of the future.

To understand why platform cryptocurrencies are projected to be so big, we have to understand how smart contracts work. Let’s take a quick look at how smart contracts work on the blockchain.


An easier way to describe smart contracts is to call them self-executing contracts. A smart contract is computer code that’s stored and replicated on the blockchain’s network of computers. With the assistance of smart contract services, you’re able to exchange property, money or other valuable items without a middleman. All this can be done in a secure, problem-free manner. Smart contracts define the parameters and penalties of an agreement, like a paper contract, but with the help of technology, they can enforce the contract as well. Smart contracts save you both time and money by eliminating the need to have a lawyer or notary oversee your contract.

How does the smart contract know how to self-execute? Well, a triggering event such as a specific date or price hit will trigger the smart contract to execute the agreements it was coded to perform. Another feature is that the individuals involved in the contract can be anonymous while the contract itself will remain in the public ledger, also known as the blockchain.

Here’s a real-life example of how a smart contract can be utilized. Suppose you’re going to rent a home, and you create a smart contract with the landlord. The smart contract can be coded to send you the digital key once you pay the landlord the agreed-upon initial fee. If you don’t pay the rent, you won’t get the digital key, and if you pay the rent, you will get the digital key. If the landlord sends you the digital key, then he will get paid. The contract can’t be changed, it’s immutable, and it will be permanently stored on the blockchain. No third party is needed to make this happen.

Smart contracts have tons of use cases for the financial services area, property sector, legal field, insurance and many other business sectors. If you’re eager to explore how smart contracts can help you, you’ll need to learn more about smart contract services. If you want to build a dApp, you’ll want a blockchain developer, and Fueled can certainly assist you with that as well.

With the right assistance, you’ll be able to take advantage of the latest blockchain technology and get a leg up on the competition.

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