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17 Aug 2023

Collaborations with Smart contracts using Blockchain

After the 2020 pandemic, everyone realized that the collaborations which were being done offline had to go online. This created a stir among the community as there was no legal bond between the two entities working together. Be it a large company working for another one or an individual working as a contractor. Smart contracts are computer protocols intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts have a broad range of applications, such as financial services, prediction markets, and Internet of Things (IoT), etc. In this paper, we propose how we use blockchain technology and utilize the built-in feature of the blockchain technology called smart contracts to create an agreement between two entities which is then automatically executed/initiated whenever the conditions or the requirements of the contract are met. This makes everything transparent between the contractors which in turn eliminates the need for a third person to testify or the need of depending and trusting the contractor or anyone. This also creates micro-collaborations much easier as it saves time and money spent behind a lawyer to register a company for a trivial collaboration. Smart contracts can be made based on the requirements. This is a decentralized application built using react and solidity

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