Hi Guys Today we are going to see a video on Smart Contract ·What is meant by Smart Contract? Before that in our day to day life, our phone have become smarter Our house we are living in has become smarter Our TVs everything whichever we are using in digital medium have became smarter.
But the contracts which we use to value our wealth, house And then whatever property we have has not become smarter But the day has come Now we are going to see what is meant by Smart Contracts Smart Contracts are similar to our conventional contracts But they have completely has become a digital medium .
The Smart Contract actually works on a platform called BlockChain because it is completely dependent on the distributed networks That is the positivity of the Smart Contract Let’s see what are all the examples and then the commercial value and how it can be implemented in our day-to-day life And we will go to that.
The best example which we are going to see for the Smart Contract is Kickstarter Basically when the people are posting their videos on Kickstarter for the crowdfunding Actually people who are seeing those videos will be putting the lumpsum amount of money if they like it If the particular margin has been reached in the Kickstarter after that the money will be transferred to the concerned person.
This is the conventional method which the Kickstarter follows Let’s assume how the Smart Contract is going to completely change it If we are building a Smart Contract for the crowdfunding, everyone in the community who are all contributing can actually see it.
How much amount of money has been given by the whole community because it works on the shared ledger concept Everyone will have the ledger of who are all have contributed to the video and how much it is If the limit has been met.
so that the smart contract actually transfers the amount to the concerned person So this is how Smart Contract can help in eliminating the middlemanship Next thing what we are going to see as an example is Property Either it can be a house or it can be a land Before buying it we have to verify it based on who are holding the share of it and he is the authorized owner or not.
These details to verify it actually takes more than a week or it can be a month also To eliminate this, the Smart Contract gives us a medium to do it How the Smart Contract can be useful in it? Let’s assume if you want to buy a house .
First you have to visit a portal and then have to put the complete details of the property and you can get who are all holding it and complete value of the property Because these ledgers have been made digitized and it has been given in a distributed medium So that who are all is going to verify it, can verify it from wherever the place they are So it is actually reducing the complete middlemanship in this also Next what is that the lawyers who are all going to verify it and then who are all going to authorize it can also be eliminated from this process.
Because the complete details have been hold and verified by the Smart Contract based on the situation And how you can use this Smart Contract? It is completely based on some of the cryptocurrencies Let’s assume if we want to buy a property, you just have to visit the portal and you just have to put the lumpsum amount of money and the value of the product or the property.
So based on that, the Smart Contract verify it whether the actual amount has been received and after the acceptance from the owner of the property it actually been transferred to your name with safety and without any middlemanship So this is how the Smart Contract is going to rule the world and is going to change many things These Smart Contracts have to be programmed right?
The medium for programming it has been given by a vendor called Ethereum which are properly used by many of them This works on basic of Java and then some of the other scripting languages so that you can easily go to it and you can develop your own contract.