Intelligent digital transaction protocol contracts are executed after satisfying a set of rules of the contract. Smart contract transactions take place without the intervention of a third entity.
Blockchain smart contract are decentralization and the data sets included in the contract that can not be changed. Blockchain intelligent contracts are secured by cryptography.
All data are stored in a decentralized way as in the case of other Blockchain data. This is the most transparent way between two parties transaction. The entire transaction process is automated. You can get more information about solidity smart contract development via various online resources.
Here is a real-world use of smart contract:
1. Business Contract
Two houses offline businesses can contract to hire a legal counselor and complete the requirements of the business. This may cost both sides of their time, energy and money. Then, there could be a dispute over even the terms of the contract or contracts.
Blockchain technology solves the pain of the business world through intelligent contract. He planned a way to do business in a transparent manner without any hassle. After the business terms agreed in the contract, it can not be modified by one.
It works like if an item produced has shipped the producers should receive payment. As a smart contract receives the data sent, it releases payment to the automated factory. It does not require the intervention of anyone.
2. Contracts Smart Education
If the academic data of an educational institution is on Blockchain, then the smart contract can be defined.