Smart contract development

- [Narrator] Smart Contract development is a programming process used by blockchain developers to create self-executing agreements between two or more parties. The process involves writing code that is stored on the blockchain, allowing for automated execution of agreements without the need for intermediaries. By enabling automatic execution of certain agreements, smart contract development helps to streamline complex business operations while providing greater trust and reliability between parties. Smart contracts are used in a variety of industries to enable automated transactions between parties. For example, insurance contracts, such as auto insurance policies. An insurance contract on the blockchain could be used so individuals or companies can join together to share the costs of ensuring against certain risks. It could define the terms of the contract as well as include provisions for setting up an insurance policy. Smart contracts are used in banking and finance to allow for automatic payments and transfers. A banking and finance smart contract on the blockchain could include provisions for verifying personal information, setting up an escrow account, securely transmitting payment details, and executing trades or transfers based on approved conditions. It could also include rules for dispute resolution or for managing customer accounts in the event of default. Smart contracts are also used in supply chain management to potentially track and verify products throughout the entire production process. They can be used to record the origin of materials, document compliance with industry regulations, and ensure that obligations and standards are met. They can also include details about how payments will be allocated, who has access to shipping records, and any other conditions associated with the shipping of goods. Real estate contracts are smart contracts that allow buyers and sellers to negotiate agreements digitally. A real estate contract on the blockchain could include a clause that defines the terms of the transaction, provisions for dispute resolution, and a mechanism for tracking payments and conditions related to the sale. It could also include details about how ownership of the property will be transferred, or how taxes, liens, and other obligations will be handled. Smart contracts can speed up processes and reduce costs by eliminating the need for third parties to facilitate transactions. By using a trustless system of agreements, developers can set up automated digital contracts that execute when certain conditions are met, removing the need for manual verification from a human or a middleman.