Smart contracts have been making headlines recently, thanks in part to the Ethereum blockchain platform that gives permission less access to anyone who wants to develop and use smart contracts. This has the potential to transform a number of industries, but there are still plenty of questions about what smart contracts are and how they can be used.
Smit Khakhkhar, a blockchain enthusiast. He has close to 6-7 years of experience in the Blockchain Space. Smit is one of the founders of Coin Crunch India as well as a member of The Delta Blockchain Fund. He has also worked on multiple projects in the Blockchain space.
Smart contracts are not only being used for financial transactions, but also for a variety of other uses such as legal contracts and agreements, e-commerce, and even real estate. The main function of smart contracts is to automate the process of verifying that all parties involved in completing the transaction have met their obligations before a payment or release of funds occurs. The best part about smart contracts is that they do not require third party verification, which has been one of the biggest obstacles in conducting business on the blockchain. This makes it a much more secure way to conduct business with each party knowing that they will receive their payment at the completion of the transaction.
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