Designed with ♥ at Skróts
17 Aug 2023

Web 3.0 application using blockchain

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met. 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

Comments Off on Web 3.0 application using blockchain