A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. It is a computer code running on top of a blockchain and it is managed by a P2P network of computers.
Smart contracts help in exchange of money, property, shares, valuable assets, without the involvement of middlemen. It is the simplest form of decentralized automation.
With the help of blockchain technology, we are able to decentralize smart contracts so that they are fair and trustable. By decentralizing, I mean that they are not controlled by one central party (like a bank, broker, or government, etc.). The blockchain is a shared database run by many computers (called ‘nodes’) belonging to many different people. Because of this, not one single person or company has control of it which means its near impossible to hack it — the hacker would need to hack more than half of the nodes if they wanted to attack the blockchain or the smart contracts that run on it. Therefore, smart contracts can run safely and automatically without anyone being able to change them!
Smart contracts provide a secure environment for voting since it will be ledger protected which is extremely difficult to decode and is less likely to be manipulated.
Blockchain can nullify risks by delivering an accessible and secure digital version to the parties involved in the supply chain. Smart contracts can be used for inventory management, automation of payments and various other tasks in the supply chain.
Smart contracts incorporate critical tools for bookkeeping and eliminate the possibility of infiltration of accounting records which enables shareholders to take part in decision making in a transparent way.
Blockchain can store health records of patients with the help of a private key, granting only specific individuals’ access to the records for privacy concerns. Research can be conducted securely using smart contracts.
Insurance has been one of the most use-cases of smart contract. Since most disputes happen in the insurance sector it is easy to solve many problems trough smart contracts. For example, let’s take car insurance as an example. Here, smart contracts can be used to settle the insurance as soon as possible.
Helps in reducing human intervention as they are self-executing. The code is logic-driven, and it is executed when the pre-agreed conditions are met.
These contracts don’t need third parties to verify if the determined conditions have met, as they are programs written and will execute automatically when the conditions are verified.
There is no way to change the agreed-upon terms and conditions of an agreement, which reduces the risk of manipulation and unfair advantage to any party. The only way to edit these contracts or make changes is to add another block to the existing chain with the mutual consent of all parties.
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Sailaja is a successful entrepreneur who believes in her passion and dedication. She has a master in business management from Herriot Watt University. She worked as a CEO for a Pharma chain in Hyderabad, and years later, she pursued her dream for pastry and got a degree in pastry from Le Cordon Bleu College, London. She started and established her patisserie in Hyderabad, getting the tastes from Global travel, infused her finesse to products taking her brand a notch higher.
Krishna Vallapu is a technology evangelist and Entrepreneur, graduated from Nagarujuna University and trained in IIM, Ahmedabad. Proven track record in building futuristic products, surpassing goals, and expectations for quality. Superior expertise with developer supervision and client relations. Out of box thinker who thrives in collaborative environments, working across business and technical teams.
Inder has an MBA in Finance in India. Utilizing his Finance background he rose through the ranks in the banking sector in the US and then after receiving his MS in Healthcare Services Administration he started his career in healthcare at the Tufts Medical Center, Boston.
Inder’s growing understanding of the expanding role of technology in healthcare caught the attention of the bureacracy and was invited to work on the Patient Privacy and Electronic Records Committee for the State of Massachusetts and later on at the State of Georgia Department of Health and Human Services. These were in the years immediately preceding the development and roll-out of Health Insurance Portability and Accountability Act (HIPAA).
Sensing a rise in ERP movement, Inder joined a software company and worked on managing ERP solutions projects in the manufacturing sector where his clients included the Coca Cola Company, Sara Lee, International Paper, Siemens (Canada) etc .
In 2008 he came to India with the aim of realizing his cherished dream of working in India. He served as the CEO of a EMR software company, and later on led the Digital Transformation at several hospital groups as a group CIO and Vice President. Inder has to his credit, several published articles in national and international healthcare technology management and as an invited speaker at various private and government conferences. He has also been cited in several articles and studies including one at the National Library of Medicine in the USA.
In his spare time Inder indulges in travel and reading.
A versatile and passionate leader with 20+ years of expertise in IT Business & Product Strategy, Market Access & Distribution models and Talent Acquisition. Seasoned Investor. Founded multiple successful businesses & Angel Networks.
An IIM – K alumnus, before embarking on his successful multi sector entrepreneurship journey, Puru served various Fortune 500 companies in Senior Leadership roles. His last corporate stint was with Bank of America.
Suraj is an entrepreneur, with more than 2 decades of experience in creating various successful enterprises, a seasoned investor funded multiple startups, specialize in creating healthcare delivery infrastructure, board member and strategic advisor, skilled in Healthcare, Telecom, IT Strategy and Market outreach.
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