WABnetwork is a 5th generation blockchain that is keen to change the way we use, appreciate and deploy the blockchain. It is supportive of smart contracts and allied applications.

Basically put, a contract is said to be an agreement which is either voluntarily written or spoken, with the intent of backing such agreement up with the law. Contracts are applicable to all aspects of life, and even the smallest matters could need a contract to show its validity. Unavoidably, a contract could be flawed, especially when one of the parties tries to back out without the consent of the other, or even make attempt to modify the contracts after it has been signed.

If that party eventually breaches the contract, it could spell doom for everyone involved. Sadly, those who would be greatly affected, are individuals or small businesses who did not hire a lawyer to take up the case, and in a number of cases when a contract is breached, there might be no remedy in place.

Now as regards blockchain, a decentralized system exists whereby there is no need for the involvement of a middleman, hence saving your time and any conflict which could arise if it were to be the traditional banking system. However, it would be hard to deny the fact that blockchains have their own issues too. Nonetheless, they have proved to be a force to reckon with when it comes to speed, affordability and enhanced security when compared to traditional banking systems. Some quarters once suggested that this could be the reason why some government bodies are on their heels. Well, such statements unless heard verbatim or widely publicized, could still be regarded as hearsays.

An Unheralded Beginning

The idea of smart contracts popped up in 1994, when Nick Szabo, a legal don and also a cryptographer, found out that the ledger which was decentralized could also be used for contracts which are self-executed, digital contracts and even blockchain contracts. So, with this format, any valid contract could be changed into a computer code, stored and eventually duplicated on the system, which would be monitored by a system-linkage of computers that drive the blockchain.

Smart contracts assist you in the exchange of anything that has value in a smooth-free process without the involvement of a middleman. Now, imagine a world where legal agreement could be supervised, carried out and enforced without any human intervention, or the prospect of a succession of codes which could validate any transactions which take place at the set time and date.

Smart contracts can simplify the whole rigorous process of having to pay for a service, which ordinarily could take a lot of time. They are special algorithms when it comes to making and automating all sorts of deals. This has proved to be a great time saver and manager, as many deals can be performed in bulk instead of the conventional ‘one-by-one’ method which consumes a lot of time. Errors are unavoidable when it comes to manual methods of carrying out transactions and dealing with data alongside.

The exciting part about all this is, the rules which bind the agreement are still met, and in fact, the obligations are automatically imposed, so there is no escaping them, for the regular dubious minds. Once a smart contract is placed on an open blockchain, the control over the implementation of the agreement would not be in the jurisdiction of a sole party and also, interaction would not be restricted to closed systems alone.

Efficiency as a Standard

Execution of contracts would take a new dimension as they would be certified by a system of computers which are connected to the blockchain. The blockchain would then be updated by the network, to record the implementation of the contract. Then monitoring begins on the blockchain, checking if the agreements of the smart contract are still being kept. This innovation would undoubtedly change the outlook of how business is conducted, as its prospective uses are so plentiful. Ownership of possessions can be transferred once the receipt is provided.

Now, smart contracts cannot determine if a condition has been performed, or if a document has been agreeably presented. However, there are normalized protocols which are being continually created for transactions which are bound to happen repeatedly. In the world of finance, these protocols could be shown through the implementation of certain forms of trade all through a dispensed journal.

Smart contracts can also be perfectly illustrated in the physical world. For example, imagine a transaction between two individuals for the sale and purchase of a house. After both parties have agreed on the price of the house, a smart contract can be used to record the cost and other vital details of the house. Then, the smart contract would implement the agreement, stating that the seller of the house, is the true owner of the house. After transferring the cash, the smart contract then registers the vehicle for the second time, this time, in the name of the buyer.

Creating Awareness

The concept of smart contract for blockchain is a new innovation, hence people are not really knowledgeable about how it runs. This is quite normal because people are usually reluctant to try out new things, with time they would get used to it. Right now, smart contracts are not available to people who do not have a sound programming knowledge, so it could remain alien to them. Programming knowledge is required based on the fact that terms of agreement are transcribed into a code, and someone with the knowledge would be able to edit and update the contract if need be.

A number of programmers and developers have sought ways on how to make smart contracts accessible through various platforms such as Confideal and the likes. These platforms are designed for people who have no skills when it comes to programming, and it proves its purpose in trying to bridge the gap between top-notch programmers who are well versed in the intricacies of blockchain technology, and the number of users who are interested in using smart contracts, with their number being continually on the rise.

As the WABnetwork expands and develops, more people will open up to the use of its smart contract capabilities. The future of the blockchain is on course with the revolutionary WABnetwork plaform.

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