How are you? By Allah's grace, I'm doing very well. Today, the topic I want to discuss is the role of smart contract in business.

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Smart contracts are very important in all types of business. We all know about normal contract but not so much about smart contract. Actually smart contract is different from normal contract, smart contract is more like normal contract. But the difference between these two is that normal contact is done through paper and on the other hand smart contract is done through a computer program. The idea of ​​smart contract was first published by Nick Szabo in 1994, but in 2013, a 19-year-old programmer named Vitalik Buterin was able to connect smart contract to blockchain and when smart contract was connected to blockchain, it became usable by everyone. As I said earlier a smart contract is a computer program, where the rules, transfers and conditions of the contract are stored in the blockchain in computer program form. However, there are very limited number of blockchains that support smart contracts.

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The Ethereum blockchain has a special language called Solidity. Using this language of Ethereum we can develop smart contracts within the Ethereum blockchain. If we integrate the smart contract in the blockchain, then the smart contract was centralized earlier and all stores were in one place, now it will not be stored in one place and there will be no centralized authority, it will become decentralized. Any two people who want to do business together but do not know or trust each other can easily do business with the help of smart contract without any problem.

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I present it better for you. Suppose you order something online on cash on delivery. What this means is that you don't have to pay until you receive the product you ordered and you pay when you receive the product and there is no trust issue involved. This is exactly how the smart contract system works. Like you made a smart contract with someone that you need a bike within 2 hours then you set the smart contract through ether coding and paid them. But if the seller cannot complete this task, then your Ether will come to you automatically and this can be done not only in case of Ether but also in case of other coins and there will be no risk if you do business through smart contract.

Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.