Blockchain, as a technology, brought a lot of new, complex and folded speeches: cryptocurrency, NFT, decentralized finance, lack of video cards (the rest tormented me like a gamer). І smart contracts that you can find can use and improve the technology of blockchain.
Developers and owners of intellectual property objects with the help of the system of smart contracts get the opportunity to transparently distribute funds and remuneration. This system allows you to provide and optimize access to information and authorization of participants in the process or transaction.
This is a fresh solution of digital licensing from V-ART. Now you can license your content on the blockchain. With this signature, you will have full rights to your documents, files, digital paintings, etc. Now you can turn your digital assets into money without any risks, this is very important for both large companies and individuals.
Smart contracts are most widely used in the Internet of Things, where the security, reliability, and immutability of blockchain registries, combined with the capabilities and prospects of the smart contract system, make it possible to create transparent and efficient mechanisms for the interaction and exchange of information and values between various smart devices (smartphones, cars, smart home elements, etc.). Ownership of smart devices, as well as the parameters of their use, which are various transactions (payment for electricity, sales and purchases through the Internet of things without leaving the blockchain network, confirmation of transactions) can also be recorded in a smart contract.
Consider the economic aspects of smart contracts and their main specific characteristics. The main advantages of smart contracts are:
1) security. The smart contract system is the highest possible level of security and reliability for storing documentation and information in a digital environment that is almost impossible to hack;
2) no downtime at work. The exclusion of human participation and the autonomous nature of the work of smart contracts ensure the continuity of their work in 24/7 mode;
3) the speed of transactions. Smart contracts are implemented in the digital environment and are processed automatically with the help of program codes, without the participation of intermediaries and controllers;
4) no errors. The exclusion of the human factor and the competent drafting and development of a smart contract make it possible to avoid errors in the performance of tasks;
5) no commissions. The absence of intermediaries eliminates the need to pay for the services of a third party.
Possibility of verification of participants of the transaction
Verifiability allows you to identify all participants in the transaction and the sequence of their actions, as well as protect participants from dishonest and illegal actions at the stage of entering the digital system, which ensures a high level of digital security;
“Observability” of the contract.
The possibility of total monitoring of the execution of the contract at all stages, which eliminates the risk at the stage of concluding a “hidden knowledge” contract (translated from English hidden knowledge), where one of the parties, for example, knows about the unprofitability of concluding a contract. At the stage of execution of the contract, observability eliminates the risk of so-called hidden behavior, when one of the parties, due to personal interest, performs certain actions that may harm the other party;
Security of the conditions and data of the smart contract from third parties
This implies limiting the actions of third parties in relation to the contract, as well as making changes to it. In addition to creating a certain algorithm that automatically fulfills the terms of the contract (transaction), all actions – transactions – are entered into the distributed ledger system (blockchain), which is completely protected from making any changes.
In our opinion, smart contracts are an effective system for the implementation of contractual relations, which makes it possible to facilitate interaction between the parties and make the process almost completely transparent.