A smart contract is a line of code which mentions the terms and conditions of an agreement between a vendor and customer or buyer and seller. It is a contract in the form self-executing program which been distributed in a decentralised network. The smart contract can also be understood as a transaction protocol that contains and automatically controls legal documents according to the terms of an agreement.
Smart contracts are nothing more than a coding program stored on a blockchain network that gets executed when pre-set or pre-planned conditions are met. The best benefit of smart contracts is it is speed, accuracy and low cost. The execution is fast, and all the participants involved get security.
Let’s say a smart contract is made with specific terms and conditions agreed upon between the buyer and seller. And when those conditions are fulfilled, the ownership will automatically be transferred to the concerned person. For example, a smart contract to transfer freehold ownership of a second-hand vehicle has been created. Once the decided amount by both parties is transferred to the seller’s account, the ownership will automatically be transferred to the buyer’s name by the smart contract.
It is the same way things work on all the platforms of the Era Swap Ecosystem. In the ES Ecosystem, the work happens on a peer-to-peer basis, and once the agreed amount (in the form of an ES Token) is transferred to the seller’s ES wallet, the buyer can leverage the product or service offered by a seller.
Smart Contracts give security to the users in the blockchain. Every platform that uses blockchain technology ensures stability, scalability, safety and security based on smart contracts. This program protects the transparency of an agreement by keeping a record of every transaction.
Time Swapper is one of the example form ES ecosystem which consists more than 14 Platforms. Time Swappers is a peer2peer based freelancing platform. In this marketplace, buyers and seller can exchange their products or services at a minimal fee. This platform uses smart contracts to solve any problem for the service provider and seeker. Also, this makes the platform transparent, safe and 99% low cost for both the parties by eliminating the need for a middleman. This is just one platform example, there are much more to Era Swap Ecosystem, from Shop Listing & Affiliate Marketing, to Recycling, Ticket Booking, and Token Staking there are multiple types of business/marketplace that Era Swap is implementing blockchain to make it more transparent, secure, and affordable.
Above, we can see how blockchain and smart contracts are one of the best combinations to help many businesses. Also, we can witness how the Era Swap Ecosystem benefits the community by smartly merging blockchain into various day-to-day activities of our lives in order to design a self-sustainable future.
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