Smart Contract is an agreement between two parties, the computer protocol which intended to digital facilitate the performance. It allows the performance of credible transaction without third parties. The major benefits of blockchain are a decentralized system, it saves your time and no need to pay for any middlemen services.
Let us discuss about the working principle with an example, as the process of selling properties with a lot of paperwork communication it may lead to huge risk and fraudulent situation. In recent times, the people who want to deal in properties they get connect with real estate agents; and those agents are responsible for paperwork and markets. Here the intermediates will be the responsibilities for the work and funds transaction. The possibilities of fraudulent risk may occur on the transaction process
To overcome this case, the person deals with the agencies that can provide escrow services which transfer funds from one to another party. But this too leads to an extra loss of money at the seller end.
By using Smart Contract for these situations it can result in the effectiveness by reducing burden.
Best way to integrate smart contract in your business
You can reach out for smart contract development company, that will help you in integrating smart contract for your business efficiently and easily.
Pulsehyip is a leading Smart contract development company and our Smart Contract is designed with the solidity code and worked on condition based principle, which can resolve the ownership issue by transferring funds and documents. When it comes to Escrow services, Smart contract can replace those issues too.
This Smart contract distributed system can be viewed by the involved parties in real time on transferring the funds. Therefore it reduces the chances of fraudulence and eliminates the risk.