Smart Contract Audit: The Key To A Successful Business Venture Smart contracts facilitate complete automation, decentralization, and enhance transparency by removing the need for a middleman. Similar to traditional contracts, a digital smart contract also includes a set of rules on the parties involved. The digital contracts execute themselves when the requirements are met. What are Smart Contracts? Smart contracts are not like normal contracts that are executed by a "trusted third party." A smart contract is digital. It's a piece of software that exists within a database and records every interaction between the parties involved. A smart contract contains code that handles all the tasks the parties need to achieve. The features of smart contracts include: Eliminates human interference and errors. The contract uses coded protocols and self-executing code. Ensures funds are distributed as intended. For example, when there's a dispute between two parties, the contract simply removes the offending party. Eliminates the need to manage and monitor finances. What are the benefits of Smart Contracts? The primary benefit of smart contracts is the automation of a contract process that normally involved a middleman. The problems with the traditional contracting process include the possibility of human errors, lost paperwork, lack of transparency, slowness, and fraud. The advantage of smart contracts is that both parties would be on the same page. Even though there may be different sets of rules for a particular contract, smart contracts automatically make the contracting process seamless and effortless. Both parties can digitally sign the contract as they would in the real world, and the contract becomes a self-executing agreement. How to use a Smart Contract ? Let's explore the benefits of a smart contract. Whenever you make a deal, you usually include your digital smart contract in your contract documents. What if you could automatically execute the contract without any human interaction? It is worth noting that the Smart Contract Tutorial article by Smart Contract Academy takes you to step by step in this process. Benefits of using Smart Contract Tutorial By using Smart Contract Tutorial, you can achieve the following: Complete documentation of your contracts and gain greater control over your intellectual property rights. Create your own mobile application to automate your agreements and track your transactions. Searchable ledger of all your agreements. Smart Contract Audit To ensure that the smart contract executes as expected, the smart contract should be thoroughly reviewed. To evaluate and audit the smart contract, our team at VCsquared is utilizing blockchain technology. The blockchain will store all digital documents and software programs related to the contract, including the software and any modifications. The blockchain can also record other vital data related to the contract, including transaction data, transaction logs, file data, and more. Any change to the smart contract will only be visible after a specific time period, which prevents any unannounced change. Smart contract audits also provide transparency as they provide a full audit trail of every digital signature used in a smart contract. Conclusion As you can see, the importance of blockchain technology has become the buzzword of 2017. Even major financial firms such as Goldman Sachs and JP Morgan are exploring their potential for asset management. These companies' interest in the blockchain shows that it will revolutionize the world of finance in the next 5-10 years. Bitcoin's fluctuation may pose a challenge for the crypto market in 2017. However, blockchain has the potential to transform the financial system and change the world in the next 10 years. To maximize the potential of blockchain, all parties need to work together to implement technology in a manner that allows a wide range of applications. These will be the drivers of the business landscape in the next 10 years. Direct Whatsapp - https://bit.ly/2op0VQr Website Visit- https://bit.ly/2VoJkcg Contact No. +919870635001