This document provides an overview of smart contracts including what they are, how they are audited, how they are developed, and their key advantages. Smart contracts allow transactions to be carried out transparently without third parties by defining the terms and conditions in code stored on the blockchain. They provide benefits such as accuracy, transparency, speed, security, efficiency and cost savings compared to traditional contracts. Examples of smart contract use cases include financial services, healthcare, supply chain management, and voting.

1. SMART
CONTRACT
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2. What is Smart
Contract?
Smart Contracts help you exchange anything of value in a
transparent, conflict-free ecosystem that is based on
Blockchain.

3. Smart Contract Audit
Smart contract audit includes automatic and manual tests.
Automatic audit aims to find commonly encountered security
vulnerabilities; manual test outlines efficiency, logical, and
optimization improvements.
A smart contract audit is basically the same as a conventional code
audit: it aims at finding security vulnerabilities before the code is
deployed. Over/Underflows, Reentrancy, and Front Running are
among the most widespread smart contract vulnerabilities.

4. Smart Contract
Development
Smart Contract solutions are a revolutionary blockchain application.
What they do, essentially, is to secure the fulfillment of a contract
without having to get any third party involved. The conditions are
predetermined at the time of contract creation, and it is part of the
blockchain between the bank computers. A smart contract means
there can be no interference with the code. As long as the conditions
are met, the outcome is inevitable.

5. One of the primary
requirements of a smart
contract is to record all
terms and conditions in
explicit detail.
The terms and conditions of
these contracts are fully
visible and accessible to all
relevant parties. There is no
way to dispute them once the
contract is established.
This facilitates total
transparency of the
transaction to all concerned
parties.
The need for accuracy in
detailing the contract
results in everything being
explicit. There can be no
room for
miscommunication or
misinterpretation.
These contracts run on
software code and live on
the internet. As a result,
they can execute
transactions very quickly.
This speed can shave hours
off many traditional
business processes.
What are the Advnatages of
Smart Contract
Accuracy Transparency Clear
Communication
Speed

6. Automated contracts use the
highest level of data
encryption currently
available, which is the same
standard that modern
crypto-currencies use.
This level of protection
makes them amongst the
most secure items on the
world wide web.
A natural byproduct of the
speed and accuracy of these
contracts is the efficiency
with which they operate.
Higher efficiencies result in
more value-generating
transactions processed per
unit of time.
Businesses across the globe
are becoming increasingly
conscious about their impact
on the environment. Smart
contracts enable the “go-
green” movement because
they live and breathe in the
virtual world.
This removes the need for
vast reams of paper.
These contracts record
essential details in each
transaction. Therefore,
anytime your details are used
in a contract, they are
permanently stored for
future records.
In the event of data loss,
these attributes are easily
retrievable.
What are the Advnatages of
Smart Contract
Security Efficiency Paper Free
Storage &
Backup

7. Perhaps one of the most
significant advantages of
automated contracts is that
they eliminate the need for a
vast chain of middlemen.
There’s no need for lawyers,
witnesses, banks and other
intermediaries.
Smart contracts generate
absolute confidence in their
execution. The transparent,
autonomous, and secure
nature of the agreement
removes any possibility of
manipulation, bias, or error.
Once solemnized, the
contract is executed
automatically by the network.
Another attractive feature of
these contracts may be the
potential to reduce
significantly or even eliminate
the need for litigation and
courts. By using a self-
executing contract, parties
commit themselves to bind
by the rules and
determinations of the
underlying code.
As these contracts run on
software codes, the speed of
executing transactions are
much quicker with Smart
Contract as compared to
real-world contracts,
which calls for man-hours for
documentation.
What are the Advnatages of
Smart Contract
Savings Trust Guaranteed
Outcomes
High Speed

8. Lets you manage the approval
workflow between the counterparties
and transfer funds once the trade
settlement amounts are calculated.
Performs routing, error checking, and the
approval workflow, once found correct, it
transfer payment to the user once the
payout is calculated on the basis of claim
type and the underlying policy.
Estimates and Transfers the
micropayments on the basis of usage
data collected from IoT enabled
device.
Use Cases of Smart Contract
1. Financial Services
Trade Clearing Insurance Claim Micro-Insurance

9. Enable transfer or access to the
health record once the multi-
signature approval is established
between the providers and patients.
Researchers can gain access to the
users’ health data by making
micropayments to the patients for their
participation.
Track health-related events through the
various IoT devices that the patients’
use and rewards can be generated
when they hit a milestone.
Use Cases of Smart Contract
2.
Healthcare
EMR Medical Research Track Health

10. Transfer the payment once the multi-
signature approval for the letter of
credit is received. Smart Contracts can
also be used to issue port payments
after custody change for the bills of
lading is made
Enable chain-of-custody for the
products in the supply chain in which
party in custody can log evidence
about the product.
Validate the voter criteria, enter the
vote in Blockchain, and initiate
specified action that would follow the
majority vote.
Use Cases of Smart Contract
3. Cross-Industry
Supply Chain Product Provenance Voting

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