Smart contracts, applications that are deployed and executed in decentralized systems. Once a smart contract has been placed on a blockchain, changes cannot be made. Smart contracts, have a more secure structure compared to traditional contracts. Smart contracts, automatically perform the transaction securely without the need for any transaction based on the request and demand between the two parties. Smart contracts cannot obtain and transact off-chain data such as API data. This is due to the consensus mechanism of the blockchain, we offer our proposals to develop solutions to many problems with GBD.
GBD is an open source smart contract token traded on the decentralized TRON network. Decentralization reduces trust between parties and the rate of resolution of needs. GBD contracts allow you to pass many procedures easily with smart contracts that produce more reliable, transparent on-chain transactions and produce fast solutions. This is the prerequisite for connecting smart contracts to the real world, and this is how digital contracts are replacing traditional contracts. Real (physical) interactions with the crypto unit have become possible with the constantly developing technology. Crypto units, which are considered as blockchain-based valuable assets, which have shown great development in a decentralized manner in recent years, provide fast, cheap and easy transfers of large amounts. It is almost impossible to lose or damage smart contracts that are encrypted and signed in a completely digital environment.
Input/output data is required to apply smart contracts to a wider range of scenarios. We can follow the smart contracts like the following example:
- Secured smart contracts are similar to securities such as bonds, APIs that report interest rate derivatives and many other value derivatives, market prices and other market data references will be required. E.g; interest rates.
Insurance smart contracts, the insured event in question, will need to be fed with IoT data in the following cases. E.g ; Was the warehouse door locked? At the time of the breach, was the company's firewall online? Did you give the flight permit? Did you have insurance to arrive on time? Many similar problems bring problems and questions in insurance contracts. Trade finance smart contracts will need GPS data on shipments. Supply chain ERP systems and customs data on shipped goods confirm whether contractual obligations are fulfilled.
Payment messages often have to be forwarded to off-chain institutions (for example, bank systems). GBD can securely output data to off-chain systems. The connection of smart contracts with the real sector strengthens its position very strongly and evidently with these applications. Transactions are carried out in a completely digital and completely secure manner, without the need for any physical contact in cryptocurrencies. Many problems experienced in real physical situations have aimed to minimize the risk and problem rates in crypto currency transactions.
Data stored in blockchain is immutable and cannot be changed easily as explained above. Also the data is added to the block after it is approved by everyone in the network and thus allowing secure transactions. Those who validate the transactions and add them in block are called miners. Blockchain is Decentralized as well as an open ledger. Ledger is the record of the transactions done and because it is visible to everyone, therefore is called an open ledger. No individual or any organisation is incharge of the transactions. Each and every connection in the blockchain network has a same copy of the ledger. Blockchain provide a peer to peer network. This characteristic of blockchain allows the transactions to involve only two parties, the sender and the receiver. Thus it removes the requirement of ‘third party authorisation’ because everyone in the network is themselves able to authorise the transactions.
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