Application of Smart Contracts
Smart contract technologies are still new and it is possible to say that they are being developed at the moment. However, it is already possible to identify the main areas in which smart contracts are applied. The most common types of smart contracts are:
— Tokens. Smart contracts provide functionality and operation of the majority of existing tokens (read more about tokens HERE).
— ICO (Crowdsale). Smart contracts provide transparency and simplicity of investment collection (read more about ICO HERE).
— Exchanges. Smart contracts provide an opportunity to implement decentralized exchanges.
— Games and gambling. Smart contracts provide an opportunity to create collectable games, as well as provide transparency of gambling projects of lottery type (note: it is necessary to understand blockchain’s limitations in terms of randomization).
— Contracts for keeping / distribution of funds. Smart contracts allow you to implement almost any use of funds algorithm.
— Auctions and voting systems. Smart contracts provide transparency of bets, votes, calculation of results and guarantee of payments. HERE we described a specific example of applying a smart contract. Since some specific functions are necessary for any large system, smart contracts can be used by large companies whose activities relate to
— circulation of funds,
— storage of large amounts of data,
It is possible that in the near future smart contracts technology will transform a huge number of activity scopes.
Sincerely, Grox Solutions.