blog
4 min
August 2, 2022
Smart contracts are codes or transaction protocols that are written and published on a blockchain, to automatically execute actions. These actions are carried out when predetermined conditions are fulfilled by the parties involved in an agreement.
Smart contracts are majorly adopted because they’re immutable and self-executing. It’s utilized in various sectors of society such as; Information Communication Technology (ICT), public management, supply chain, energy, finance, and healthcare.
Below are a few words from @Danmazz | FuguNation (Co-founder of FUGU NATION), about how smart contracts are underutilized and insights on ways their use can be maximized using an application to our daily routine.
“Smart contracts can solve many issues that are time-consuming and/or prone to errors. The following is one of them; Everyone has an identity, but there are problems encompassing the processes involved in getting documents to prove this.
Time is a valuable resource, today there are a lot of strenuous and time-consuming procedures involved in getting legal documentation and updating profiles of individuals in general.
Aside from smart contracts being immutable and self-executing, the processing of information is faster and error-free compared to what we have today in most database systems.
Another valid reason smart contracts should be vastly adopted is that it works on the blockchain, which offers transparency and security of data.
Not all information is made public, private blockchains can be utilized by the government or by private entities. Utilizing this makes information distribution efficient and provides private access to its records.
Smart contracts have an important role in our growing society. The sooner we accept this reality, the easier our daily lives become.”
Posted on our discord: 👉 https://discord.gg/fugunation #nft-education channel
