Why Smart Contracts Are Part Of The Future
Smart Contracts
A smart contract is basically just a program that runs on a blockchain but it has some exciting potential to reduce the risk and cost to interacting with other people.
For Example imagine a crop insurance smart contract where farmers all over the country paid premiums and receive a benefit if say the weather in their location drops below freezing on a certain date. The rules and execution of this contract would be entirely automated with information about the weather automatically fed into the program. There wouldn’t be any risk of the operator running off with the money since all the funds would be held and controlled by the code with lower lower risk and no administration the cost could be much lower.
Now there are lots of questions like what to do if there are bugs in the code and how governments would regulate such contracts but there’s exciting potential to disrupt all kind of industries like: log gambling, online marketplaces, peer to peep rentals, voting, and even compare organizations and governments
thanks for sharing
glad you enjoyed it!
Followed/upvoted. Well written. Keep it up!
thank you! stay posted! I followed back
Hmm an interesting thought. Could you give me a couple more examples of how people might implement this?
PayRoll can be a quick example! Using EVM to create a code for a contract that calculates the hours the workers work everyday, from the moment they clocks in to when they punch out! Afterwards setting a date, lets say Friday, in which at the second that the worker clocks out of work the smart contract would be completed. Computation of hours work times hour wage would be a simply calculation. Within seconds the workers would be paid directly to their wallet.
Well I do like the sound of that.
its honestly some awesome technology that we can't ignore
VOTING SHOULD BE DONE USING ETH SMART CONTRACTS... THE WORLD WOULD BE A MUCH BETTER PLACE‼️
Im actually working with a company that is implementing the blockchain with voting