Blockchain : Are Smart Contracts Really Smart for Everyone?
As business use of the blockchain grows, I am beginning to receive more questions if Smart Contracts, are a path that should be looked into. In order to answer that question, certain parameters and factors have to be looked at. Unless the entirety of the process is looked at and understood, your contract will not be successful and you will have wasted money.
In general here are 8 steps that need to be looked at and investigated before you smartly invest in the writing of a smart contract.
* Connect to the Ethereum network (ethereum.org)
* Explore Ethereum’s blockchain use and decide if it is correct for your needs
* Learn which language you will build your smart contract with: for not all languages offer you the same outcomes. Languages that should be looked at are Solidity and Hyperledger technology
* Decide who, and for what, the contract is being built for
* Write the rules and parameters into the contract so that the entire agreement is clear. Once written, and on a block, these conditions are immutable and cannot be changed.
* Set up a group that will ensure that the contract is followed. A DAO is one example
* Deploy your smart contracts and follow the parameters that were programmed into it in an ‘if’ ‘then’ manner
* Enjoy the complete process by knowing that your contract is immutable, automatic and can be guaranteed as authentic across a wide network so that no party can challenge the validity of the contract itself.
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Author: profblockchaindfw
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