Published 15 October 2018

Examples of the use of smart contracts

Examples of the use of smart contracts

  • Smart contract Escrow. The code by which one party must deposit funds into an account that holds them until the obligations are fulfilled by the other party. If the other party has fulfilled its obligations in full, the program code transfers the funds to it. If the conditions are not met, the program code returns the funds to the first party. Whether the conditions are fulfilled, the third party - the "arbitrator" can accept, or it can be accepted automatically on the basis of any actions in the blockchain, or in the Internet.
  • Smart contract Deposit. The code by which one party transfers money to the other party for use at interest for the specified period. At the end of the period of using the funds, the second party must pay to the first party the amount of money transferred with the interest accrued for their use, and the program code specifies the various conditions for calculating and paying interest on the deposit.
  • Smart contract Micropayment. The code that performs transfers of $ 1 or less, such payments are unprofitable to electronic payment systems due to large transaction costs. When using the program code, the commission for payments is very low, regardless of the amount of payment.
  • Creating decentralized applications (DApps). The decentralized application (DApp) is essentially a program code with a higher level of protection and much more functionality that is not tied solely to financial transactions and can use blockchain technology for any purpose.
  • Execution of algorithms / scripts. In the body of the program code, a condition is set that starts the script and automates the execution of some task that you would have to do manually otherwise.
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