With the rise of the global economy, businesses need to trade with an international partner and some can be unknown to them. As fraudulent activities are on the elevated, it is arduous to trust an unknown entity. Nonetheless, it is always better to secure yourself from unforeseen circumstances and be on the secure side. Smart Contracts address these concerns and provide security when dealing with unknown entities, domestic or international.
The smart contract is nothing but a digital protocol aiming for validating conditions of legal contracts between two or more parties and helps you exchange money, property, shares or anything of value without the need of middleman, in a transparent, secure and conflict-free way. So it can be used in various industries from financial services to healthcare to insurance.
Smart Contracts can be developed on different platforms like Ethereum, Hyperledger Fabric, NEO, Stellar, Lisk, and other networks.