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Re: {ANN} "CCN- The World's best Custom Contract Network" February 03, 2019, 08:09:12 AM #19 CCN is a smart contracting service provider.



WHAT IS A SMART CONTRACT?

Smart contracts are a new technological breakthrough in the field of automation. Based on the blockchain technology, often on the Ethereum platform, they are computer programs that contain the agreement of the parties and ensure the fulfillment of its conditions, using instructions such as IF / THEN. For example, if side A uses the software application for more than five days, then side B receives X dollars. The payment remains frozen or is in escrow (on escrow) on the blockchain, until the contract receives the required trigger (party A has used the software for more than five days) to pay the funds. This simple function of smart contracts provides immediate payment after the expiration date of the trial use of the software, since the funds are paid in up front. This also means that there is no need for external payment operators and a reduction in commissions, and the blockchain in turn guarantees the security of transactions. Smart contracts can be programmed to accept a number of triggers, including signatures, passwords, payment checks, and barcodes.



Story

The term smart contracts was first used by blockchain pioneer Nick Jabot in 1996. Zhabo created Bit Gold - which he described as a giant on whose shoulders Bitcoin is sitting - and was a key figure in the blockchain's short history. But the digital vending machine described by Jabot was not widely used until the Ethereum team developed its operation on its platform. Since then, smart contracts have been widely used for blockchain fundraising, and since 2017 over 11 billion dollars have been raised through the ICO (the initial offer of coins). ICO contracts accept payments from investors, and then send them to companies, subject to the achievement of predetermined goals. Crowdfunding websites would manage this process for a fee, and smart contracts can do it automatically, ensuring greater security than websites. Companies in various fields, such as microfinance and insurance organizations, see the success of smart investment contracts as a promising innovation with great prospects for the development of online business.



Smart Contracts: Benefits

Smart contracts offer companies a number of benefits. They provide confidence on both sides, since the terms of the contract are spelled out in their code. They offer security; blockchain is impossible to crack, so no one can intercept the funds of the contract. However, their biggest practical advantage is efficiency and lower maintenance costs. Smart contracts are self-fulfilling, which is why the parties to the contract simply cannot fail to keep their word. If the company is faced with a large number of overdue or missed payments, smart contracts can be used to collect a payment as soon as the terms of the agreement are met. They also eliminate the need to involve expensive third parties in various processes. You can get around not only payment operators, but also escrow services, lawyers and banks, in cases where third-party verification is usually necessary. In real estate only, escrow services can charge up to 2% in a property transaction - thus, savings can amount to thousands.



Smart contracts for online service providers

Many online service providers face similar problems when it comes to asset management and payments. Automated payments to employees, suppliers and other partners could be a great competitive advantage, especially when the amount depends