Exploring the world of smart contracts !
With the introduction of the BlockChain Technology, an interesting term has originated in the official agreements, i.e., ‘SMART Contracts’. Although the information technology is already in operation and the contracts are being shared in the soft form. Still, the ‘SMART Contracts’ are a revolutionary achievement in the network of BlockChain, and there are many reasons of it.
Firstly, the SMART contracts are not shared in soft rather they are made in digital terms and the Barcode, and Serial numbers are digitally shared and agreed on in the network. In the case of InsCoin, the insurance contracts are SMART Contracts so also share the features of this revolutionized agreement between the suppliers (insurance providers & the clients). 
Secondly, SMART Contracts are stored in the decentralized network of BlockChain, and the transparency of the contracts is enhanced due to its storage in the decentralized system.
Thirdly, SMART Contracts are verified by the network nodes (computers connected to BlockChain) and being part of the BlockChain, the terms and the conditions of the contracts are strictly monitored by the network nodes as well as are fulfilled by the parties on the Block Chain, and same is also verified by the network nodes.
For example, in the case of InsCoin, the insurance contracts, being SMART Contracts are digital, are stored in the decentralized system of Block Chain and are verified by the network nodes. SMART Contract, therefore, gives surety to InsCoin insurance providers of premium payments because it is systematically recovered from the clients by the network. And SMART Contract also gives surety to the client of the payment of the claim, if any. Because the claim is also verified by the BlockChain Network rather than being at the sole discretion of the insurance provider as in the case of the conventional insurance industry.
For the double check security and record purposes, contracts are initially also signed and agreed in the hard form. This is the first step in the case of InsCoin Insurance contracts before moving to the SMART Contracts, and then each insurance agreement with the client is designated a SMART Sr. # and BarCode, and the customer is then required to ‘log in’ through his ID to proceed and conclude the SMART Contract.
It is at this moment concluded and internationally agreed by the experts that the gap in current legal structure and the rigid agreement options is one of the major reasons of Global Shifting to Decentralized Block Chain Network and to adopt the SMART Contracts.
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