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What is a Smart Contract App?

Smart Contract is the concept that binds a blockchain. Technically, it is a code that allows a new block to add to the blockchain. This code can be developed as per the requirements to realize the objectives of the blockchain. Smart Contract is comparable to an agreement in electronic format. However, these agreements are not refutable and are completely immutable. It means a smart contract will work strictly as programmed. They become the basis of blockchain because it is due to this mechanism that the chain propagates. Meanwhile, a Smart Contract App is the applications that utilize this technology to fulfill the primary feature of the program.

 

Read: About Smart Contracts and DAO

What does a Smart Contract App Do?

Smart Contract is the mechanism that connects the blocks of a blockchain. An App is the realization of the use cases of smart contracts. Smart Contracts are best used as service as well as financial contracts. They can be used as applications to authenticate without any requirement of third-party service.

In fact, an app based on this mechanism can achieve anything or any objective. Such applications can become a strong cost reduction factor for an enterprise because they effectively mitigate several stakeholders in the process-pipeline. These apps make processes simple by executing them in fewer steps. Some of the best advantages of smart contracts are as follows:

  • Smart Contract makes operation process transparent by promoting tracking, visibility, and verification.
  • Smart Contracts reduce cost by cutting down processes like Audit and Authentication.
  • The mechanism is self-enforcing. Once implemented, it propagates on its own by replicating on the next block.
  • An advantage is its incorruptible nature. Thus, there is no requirement to cross-check its performance even in the long run.
  • The technology enables automation.

 

Read Relevance of Smart Contract in Legal Industry.

Read Relevance of Smart Contract in Military Application.

 

Is a Smart Contract App relevant for your Enterprise

Since Smart contract has many use cases, it is used in diverse verticals. The technology is leveraged in sectors starting from Health to Defence and from Legal to Public service. In the current landscape, any enterprise can leverage the advantages of this technology. A Smart Contract App can be especially beneficial when an enterprise needs to achieve the following objectives:

  • To reduce the cost of operation and third-party enterprise services.
  • To bring transparency in the business and facilitate strict vigilance.
  • To reduce execution time.
  • For open-ended participation, especially in B2C business.
  • To achieve process automation.

 

How Oodles Blockchain Helps?

Oodles Blockchain has a strong portfolio of smart contract app development. We have delivered cryptocurrency based products and applications built on Ethereum Smart Contracts. We focus on our expertise on Solidity as the basis of our development. Furthermore, in-depth market insights and innovation let us create an efficient Smart Contract App.

 

Talk to a Smart Contract expert from Oodles Blockchain.

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