Blockchain and smart contracts have the potential to disrupt many industries. The use cases can be found in banking, insurance, energy, electronic government, telecommunications, the music and film industry, the art world, mobility, education and many more. The cases of use of intelligent contracts vary from simple to complex. Blockchain is ideal for storing smart contracts due to the security and immutability of the technology. The smart contract data is encrypted in a shared ledger, which makes it impossible to lose the information stored in the blocks.

Smart contracts can
  • They function as "multiple signature" accounts, so that funds are spent only when a required percentage of people agree.
  • Manage agreements between users, for example, if one buys insurance from the other.
  • Provide utility to other contracts (similar to how a software library works). Store information about an application, such as domain registration information or membership records.
What is Blockchain?

A blockchain is a public digital ledger that is used to record transactions. Blockchain is commonly associated with Bitcoin. The data in the blocking chain is complete, timely, accurate and widely available. It is an open source software in which Bitcoin is executed. Blockchain affects the main industries such as banking The blocking chain is decentralized, so it is not necessary to have a central certification authority. Much more can be used than currency transfer, contracts, records of other types of data that can be shared. Blockchain guarantees the objectivity of the data. Two parties can make an exchange without the intermediation of a third party. The blocking chain tends to have better security because there is not a single point of failure to turn off the network. Blockchain has the ability to be analyzed and reviewed from time to time, which stimulates the process of self-review. Each transaction record is linked to previous transactions and is standardized for each participant Node.