Ledger: Advantages of Blockchain Smartcontract - Articles

Autonomy: The benefit of blockchain smartcontract is that they are decentralized in nature. They are direct dealings between parties and do not require the involvement of any third party in the process. This allows smartcontract to be transparent.

Accuracy: Smartcontracts are based on the requirement that all the terms and conditions are recorded explicitly.

Transparency: The Smartcontract build trust and transparency between two parties by using blockchain technology that it minimizes the dispute cases to zero. The possibility of a disagreement is avoided by the certainty and lack of between-the-lines terms in a smartcontract.

Record keeping: The blockchain stores all smartcontract transactions in chronological order and makes them accessible, along with the full audit trail. To provide complete secrecy, the parties involved can be safeguarded cryptographically.

Fraud-less: Identification and decrease of fraudulent activities. The blockchain stores smart contracts. It is extremely difficult to forcefully alter the blockchain since it requires a lot of compute. A smartcontract breach can also be discovered by network nodes, and in that case, the attempt is flagged as invalid and not recorded in the blockchain.

Fault-tolerance: Because no single person or organisation controls the digital assets, one-party dominance and situations in which one part pulls out do not occur. Additionally, because the platform is decentralised, the contract is still in place even if one node disconnects from the network.

Increased trust: Smartcontracts are automatically carried out and upheld. These agreements are also unchangeable, unbreakable, and incontrovertible since they are immutable.

Cost-efficiency: The use of smartcontracts reduces expenses by doing away with the necessity for middlemen (brokers, attorneys, notaries, witnesses, etc.). reduces paperwork as well, saving money and producing less waste.

Ledger: Capabilities of Blockchain Smartcontract - Article

 

In general a contract is an enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. Similarly, in blockchain, we have a concept called Distributed Ledger Smartcontract which is a computer programs or protocol used to automate transactions that are stored on a blockchain and execute in response to meeting certain conditions. 

Below are few of the capabilities of Distributed Ledger Smartcontracts:

Accuracy: Smartcontracts are accurate to the limit a programmer has accurately coded them for execution.

Automation: Smartcontracts can automate the tasks/ processes that are done manually.

Speed: Smartcontracts employ computer code to automate procedures, reducing the time needed to complete all activities requiring human contact. Because everything is programmed, the time it takes for the code in the smart contract to run equals the time it takes to complete all of the tasks.

Backup: The shared ledger is maintained by each node on the blockchain, making this service the best possible.

Security: Cryptography can guarantee the assets' security. Even if the encryption is cracked, the hacker will still need to change every block that follows the one that was changed. Please be aware that a small or medium-sized business would be unable to complete this assignment due to its extreme difficulty and computational requirements.

Savings: Smartcontracts reduce costs since they do away with the need for middlemen. Additionally, little to no money is spent on the documentation.

Manages information: Smartcontracts hold information about an application, such as domain registration and membership records, and manage users' agreements.

Multi-signature accounts: Smartcontracts allow for the distribution of funds through multi-signature accounts as soon as all parties have signed off on the arrangement.