Smart Contracts & Blockchain

Smart Contract & Blockchain Services

As of now, Blockchains are best known for their role within cryptocurrency, creating and recording a digital ledger of each transaction made. A blockchain guarantees the legitimacy and security of a record of data and in doing so, generates trust without the need for a 3rd party. Traditionally, this role may have been provided by a government, financial institution or legal services provider.

Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met. Smart contracts are used to execute a trade or agreement between all parties so that everyone involved can be safe in the knowledge that a record of the agreement is stored on the blockchain. 

Blockchain Services

As of now, Blockchains are best known for their role within cryptocurrency, creating and recording a digital ledger of each transaction made. A blockchain guarantees the legitimacy and security of a record of data and in doing so, generates trust without the need for a 3rd party. Traditionally, this role may have been provided by a government, financial institution or legal services provider.

The blockchain, in essence, is a database of records, but with one clear distinction. Whereas a database typically stores data in tables, a blockchain groups data into blocks with each group holding a specific set of data. Blocks have specific storage capacity, and once a block is filled, a new block is created that links the new block with the previous block - therefore creating a chain of blocks, or blockchain. The nature of each block, together with a time stamp of activity recorded for each activity relating to the block, provides a linear sequence of events that can form a clear timeline that is set in stone - a ledger of activities or transactions.

As mentioned above, the most common use of blockchain technology is related to cryptocurrency transactions but it’s absolutely vital to note that different types of data can be recorded on a blockchain ledger. This includes legal contracts and product inventory amongst other items. Blockchain technology is decentralised and therefore no activity that has been recorded on a ledge can be reversed or erased.

There are many Blockchain variants and it's therefore important for you to understand the best solution for your requirements.  Our Blockchain services are focused on NFT based projects that require Smart Contracts and would be happy to assist you for any requirements related to this.


Smart Contract Services

Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met. Smart contracts are used to execute a trade or agreement between all parties so that everyone involved can be safe in the knowledge that a record of the agreement is stored on the blockchain.

Typically generated using automated trigger-based workflows, Smart contracts have the following benefits when used: 19

  • Speed, efficiency and accuracy: No paperwork nor manual error checking compared to traditional contracts

  • Trust and transparency: No third-parties and instant confirmation for all parties of a completed activity removes any doubt that the agreement has been tampered with by others.

  • Security: Transactions are recorded on the blockchain and are therefore encrypted. Each record is related to previous and future activities, which means that hackers would need to amend the entire chain to change a record.

  • Cost savings: Smart contracts remove the need for third party professionals such as lawyers to create and execute an agreement saving both time and money in the process.

To summarise, smart contracts are used to execute all transactions on the blockchain whether this be for the purchasing of cryptocurrency through to NFT transactions as well as wider commercial use including vendor / supplier contracts. Due to the benefits of smart contracts, it’s inevitable that smart contracts will become more and more popularised in the future with wider applications that will positively impact our personal and professional lives and Nexa can assist you with your requirements.



 

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