TOP 3 BLOCKCHAINS FOR SMART CONTRACTS
Smart contracts are a kind of contract that uses blockchain technology, which makes them incredibly secure and efficient. Smart contracts are a set of automated digital codes which facilitate the exchange of assets between two parties without any need for a middleman. The assets can be anything like money, property, etc.
SMART CONTRACTS AND BLOCKCHAINS
Smart contracts are the prequel to the blockchain. Blockchain technology is the one that offers these great automation services for smart contracts. Blockchain is a decentralized technology that stores provided information in blocks. The blocks are in line format and each block is linked with other blocks which are present before and after them.
The data in these blocks are unalterable. In this article, we'll outline the three most popular blockchains for carrying out smart contracts and explain why you should consider using them in your business.
Ethereum was founded in 2015. It is a cross-industry-focused ledger type that provided future possibilities for emerging economic sectors. It is constrained with permission by Ethereum developers. It is not necessary to have permission to join and converse. The currency is Ether with 93% experienced providers and 52% of engaged shares. The coin market cap is $91.5 billion. Ethereum follows a proof of work [PoW] consensus algorithm with smart contract functionality.
Hyper ledger was started in 2015. It is an open-source cross industry-focused distributed platform governed by the Linux Foundation. It follows the permission ledger type with the transparent network. Even though with 93% experienced providers and 12% engaged shares, the coin market cap value is not applicable as it doesn’t have its currency. It follows a pluggable framework consensus algorithm which is flexible for decentralization.
R3 Corda is a financial service industry-based P2P platform established in 2015. It’s governed by the R3 consortium which ensures secured transactions. This also has permission ledger type with the authenticated process. With 60% experienced providers and 13% engaged shares, the coin market value is not applicable. But it has a currency named XDC token in collaboration with Xin Fin. R3 Corda has a pluggable framework consensus algorithm with high network level transactions.
WHY DO WE LOVE BLOCKCHAIN PROVIDERS FOR CRYPTO?
• Uninterrupted process
• Highly secured data
• Minimal timed processing
• No more human errors
• More profit because of no-middle man.
• Records all the moves in a ledger
With these three blockchain providers for smart contacts, one can achieve anything in the crypto world. In the ever-changing landscape of the internet, businesses must stay ahead of the curve and adopt new technologies that can help them grow faster.
FUTURISTIC REALITY OF TRANSACTIONS
Finally, smart contracts are code that runs on a blockchain, which is similar to the technology behind bitcoin. This makes them unique and futuristic and opens up a variety of possibilities for the future of contract-based transactions.
One such technology is blockchain. As a highly secure and transparent database, blockchain has the potential to revolutionize many industries. In this blog, we discussed the Top 3 blockchains that are currently being used for smart contracts. So, if you're looking to launch a secure and transparent platform, more efficiently, check out this BlockchainX company's blog for more information!