S4B Crypto Contest - Season 25
How do smart contracts relate to cryptocurrency transactions?
What I know by Smart Contacts: is that they are integral to cryptocurrency transactions, most especially on blockchain platforms like Ethereum. Smart contracts are self-executing contracts where the terms of the agreement are directly written into code. In a smart contract, once certain conditions are met, the smart contract will automatically enforce the execution of the agreed-upon terms without the need for third parties.
In a cryptocurrency transaction, smart contracts help to facilitate decentralized transactions by making sure that funds are transferred only when specific conditions are fulfilled, such as reaching a deadline or achieving a milestone. Smart contracts add more security, reduce transaction costs, and remove the need for trust between parties.
How can smart contracts enhance supply chain management?
Smart contracts can enhance supply chain management by improving efficiency, transparency, and security. Below is how they can be applied.
Automated Processes: Smart contracts can automate tasks like shipment tracking, verification of goods, and payment transfer.
Transparency and Traceability: Every step of the supply chain management can be recorded on a blockchain, making sure that all participants such as producers, suppliers, retailers, and final consumers have access to real-time information.
Reduced Errors and Fraud: Smart contacts can help execute only when pre-defined conditions are met, reducing the chance of human manipulation or error.
Cost Efficiency: By removing (eliminating) the need for third parties like legal services or brokers to verify and enforce agreements, smart contracts can reduce operational costs and streamline workflows.
Explain the concept of "immutability" in smart contracts.
The concept of "immutability" in smart contracts refers to the property that once a smart contract is deployed to a blockchain, its code and the conditions that are within it cannot be tampered with or altered. Some of the important of immutability are:
Trust: Immutability removed the need for parties to trust each other, meaning they can rely on smart contracts.
Security: Since the smart contract cannot be changed after deployment, nobody can alter its items to his or her advantage
Transparency: Everyone involved in the code of a smart contract before deployment, knows that once it is life, the contract will behave consistently and predictably.
I am inviting: @ruthjoe, @dave-hanny, and @jasminemary
Cc:-
@waqarahmadshah