What are Smart Contracts?
Smart Contracts are virtual agreement or rather say it as a computer protocol that automatically performs the terms and agreements between the contracting parties (in this case is computer systems) by the support of Blockchain technology.
Smart contracts are designed to provide high levels of security while minimizing the transaction costs associated with conventional contracts since they make them an option for normal contracts.
All Smart Contracts activities are done automatically and without any intermediary intervention. Therefore, transactions made by smart contracts are very transparent and safe.
How smart contract platform works?
The mechanism of operation of the Smart Contract is the same as a vending machine. This means that they only automatically execute the pre-programmed terms and when that agreement meets the required requirements.
First, contract terms will be written in a programming language, then encrypted and converted into a block in Blockchain. Once transferred to the block, Smart Contracts will be distributed and replicated by the node on that platform.
After receiving the order, smart contracts will begin to be implemented in accordance with the predefined terms. In parallel, Smart Contracts will also automatically check the implementation of commitments, terms stated in the contract.
Why choose Vakaxa’s Smart contract?
Vakaxa is a leading company in the field of Smart contracts development, we have been developing this service on the Blockchain platform to bring the best experience’s user. As we mentioned earlier, Vakaxa’s smart contract implement the transactions without third parties. So the users do not charge extra fees.
What makes Vakaxa’s smart contract difference?
The key makes the difference of smart contracts that Vakaxa provides is the way to develop a smart contract. If you have an idea about smart contracts development, we will create an effective smart contract that can require completely your demand.
Ideation of Requirements: We will ideate on the usage of smart contracts, according to the requirements of the business. Our team will develop a practical application of smart contracts for you. Our interdisciplinary team will brainstorm together to create a perfect real-world use case.
Design: Our solution architects will develop an ideal smart contract that will consist of milestones and delivery roadmaps. The smart contract will consist of information movement and design architecture that consists of GDPR compliant requirements.
Development: The smart contract developed by our developers will be subjected to a standard software release life cycle. The stages include Pre-Alpha, Alpha, Beta, and Release Candidate. Post these steps, the smart contract is released to the market.
Implementation & Upgrades: Our team will ensure quality during the provisioning of the smart contract into the main network. We will upgrade the features with information gathering and prioritize backlogs with our team of developers.
The benefit of Vakaxa’s Smart contracts: Since Smart Contracts operate on validation of conditions, they can automate various procedures and operations in a business. A decentralized and verifiable network allows a minimum margin of error and excludes the need for third-party agents. The lesser human administration also means cheaper, faster, and efficient operation.
Fewer Costs & Risks: Automation of tasks with code based Smart Contracts with minimum or no human intervention reduces processing cost and conventional contract costs. A decentralized process eliminates the risk of fraud since the network is managed by the entire network, as opposed to an individual or party.
More Accuracy & Immutable System: Smart Contracts are immune to human error and facilitate faster business operations. Smart contracts are forever. Once it is in place, the code does not change. This provides a trusted environment for the users.
Scope for New Models: Smart contracts work well in any data-driven businesses model. They can efficiently track time, date, weight, temperature, payments and other quantitative variables and respond with predetermined conditions.
Reliable Autonomous Agents: The blockchain-based autonomous system lets you automate your business process and respond accurately right on time.
The field can apply Vakaxa’s Smart contract
The Industry 4.0 has opened the big opportunity of Vakaxa in applicating the smart contract in many fields such as:
- Financial/ Bank
- Insurance sector
- Supply chain management
- Logistic/ Transportation
- Healthcare service
If you desire to build a smart contract, please contact us
Vakaxa Technology Joint Stock Company
Head office: Room 2512 The Light Building – Trung Van – Tu Liem – Hanoi – Vietnam.
Hotline: +84963.324.888Email: Support@vakaxa.com