Overview
We all know that the Blockchain technology is the underlying platform for emergence of Bitcoin and Crypto currencies. Because of its secured distributed database and associated philosophies like immutability makes blockchain a growing technology with the increased adoption by various verticals, especially Finance & Government.
However, the industry finding the biggest use of Blockchain technologies in the form of Smart Contracts. Smart Contracts are software-defined version of existing paper-based contracts – in the sense that they are basically a set of compiled code that runs inside a blockchain network. By inheriting the qualities of blockchain like distributed leger, cryptographically signed, immutability etc., smart contracts enable enterprises to get into trust-based legal agreements which reduces the cycle time of business operations and reduce the cost of executing them.
