Block Chain and Smart Contracts

Making the smart contracts is one of the most important and useful features of blockchain. Smart contracts are already being used by a lot of legal, banking and fintech services but still there is a lot of population and businesses which do not know how they can boost their businesses based on the smart contracts. This article sheds light on how developers can obtained handsome profits by using smart contracts in their supply chain management, manufacturing and other departments of their businesses.

In order to understand how smart contract helps in generating more revenue, one needs to understand the possibilities allowed by smart contracts for the users. Smart contracts can be used in infinite number of ways by making software applications due to them being the simple blocks of codes. Their usage however makes the processes more secure and transparent and it is easier for accountability too. This is because a smart contract will make the processes occur only when it will comply to the conditions of the code.

In manufacturing processes, for instance, involves a lot of processes. These include receiving of the goods, inspection of the received items and similarly onwards. It is apparent that each process is dependent upon the previous processes and this is why every steps needs to be completed successfully so that the manufacturing can take place accordingly and timely. In traditional manufacturing techniques, it is often a problem that a defect in one step of the manufacturing spoils the whole batch but it is not detected until the production gets impacted.

So, in order to make it more reliable, block chain technology can be used. For example, the process would not occur unless the receiving department has received the items and mark it on their respective block in the blockchain. Similarly, the inspection department would mark their finding in the chain. The good thing is that this blockchain will be visible to every single person of the firm and to the head too. Hence, any error occurring in any of the department will be reported to everyone else at the real time and the further processes gets stopped. The interesting thing here is that no one can change the block of the other person or the other department. So, blockchain helps in detecting who was accounted in the real time without the labour of checking the right and the wrong one.

Similarly, in the supply chain industry the smart contracts can be a lot beneficial. If the conditions are set for a supply chain then the smart contracts will only allow the chain which will follow these conditions. Smart contacts are completely transparent and are excessible to every person in the supply chain. So any change in the quality can be reported to everyone at the real time and the modification can be made. Moreover, the available goods and the authenticity of the process can be checked at the real time.
Blockchain is revolutionizing almost every business of the world. The smart contracts are one of the examples of it. If blockchain are made according to the potential they have, businesses and transactions can be way more easier in today’s world.

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