The concept of smart contracts in Ukraine is not new, but it is the blockchain, or rather the Ethereum platform, that made it possible to create them and function properly in the digital world. In 2018, thanks to the change of platforms, smart contracts in Eastern Europe received the technological potential for dynamic development. Traditionally, the contract stipulates the rules for the delivery of goods or services at a certain price agreed between the seller and the buyer. Writing and testing a Blockchain smart contract in Kyiv allows several parties to a transaction to participate in one or more settlement systems operating within a transparent model, thanks to which all parties feel completely comfortable using even very complex rules of such an electronic contract.
Smart contracts in new business models
In the future, Blockchain smart contracts may change or introduce new business models in many industries in Odessa, because the barriers to creating more complex contracts in electronic form will be reduced, and at the same time, solutions for their immediate implementation will be provided. In the next stage of technology development, truly intelligent “thinking” contracts will be created, which will eventually adopt their own rules, including based on the analysis of variables provided by artificial intelligence. The next stage of contract analytics development will allow identifying gaps and errors, the rapid elimination of which will increase the competitiveness and efficiency of a given ecosystem or business model of a company.
Several examples of the possibilities of using smart contracts in practice:
- Insurance – the cost of car insurance is paid in real-time, including depending on how safe we drive the car and what average level of safety we get compared to other insured drivers.
- Real estate – automatic notarial confirmation of the change of ownership upon fulfillment of all conditions agreed by the parties (for example, payment of the agreed amount).
- Telecommunications – a subscription to telecommunications services, reduced by the cost of data assessed in the market and provided by the customer for resale, after the division of the commission between the telecommunications service provider, the customer, and other contracting parties.
Using smart contracts in Lviv and Vinnytsia, we can change our operating model and the way we interact with customers. The client can become a business partner and together with us actively develop the value of a joint initiative with which he will be identified because his participation will have a significant impact on the quality and price of services. In this new smart contract-driven model, the customer is transformed from a recipient of a service to a co-creator of the entire ecosystem. If smart contracts become commonplace, it may turn out that understanding them will become necessary to create a proposal for new services based on the cooperation of all parties to the contract.
The future of blockchain – areas of development
The usefulness and benefits of blockchain technology development are currently being tested, and off-the-shelf implementations are emerging in most sectors of the economy: finance, insurance, retail, industry, healthcare, and the public sector. Early design and analysis show significant opportunities to improve efficiency and improve transaction systems, asset tracking and auditing processes, and data management.
From a technological point of view, blockchain development is still at an early stage of development, but its development is extremely dynamic. Each month brings news of new platforms emerging that overcome new barriers to scalability and efficiency while reducing operating costs.
iTizzi Software Development Company in Dnipro – what are we doing?
Our company iTizzi provides the highest project management standards based on modern Blockchain technologies. The team and programmers have the necessary competencies to effectively and professionally develop and program interactive products for the Ukrainian and foreign markets.
Custom Blockchain Solutions – we can implement customized solutions that differ from off-the-shelf Blockchain-based products, taking into account a specific company and type of activity. We use technology, experience, and expertise to create software that delivers the same fast transactions and security.
Even the largest projects start with the first interview, during which we check the needs of the given company, the problems it faces, and the business’s expectations for an interactive product.
Then, having received our offer, you can consult with experts and determine a detailed work schedule. We will make sure that the client feels comfortable at every stage of cooperation and receives a value that will benefit the main business in the future. Contact our team and start your next business trip.
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