In recent years, the applications of blockchain technology have been widely applied in many fields. One of the most talked-about is smart contracts. Ethersmart – a unicorn Fintech company from Dubai, is looking to upgrade the smart contract to a higher limit by applying it to the ETM token price roadmap. Let’s find out how Ethersmart is doing it!
Ethersmart is preparing to utilize smart contracts to accurately and transparently record ETM token price routes. Smart contracts enable consistent financial data across organizations, improved financial reporting, and reduced auditing and assurance costs.
Smart contracts enable accurate recording of ETM price route for entities entering into financial transactions.
- Accounting systems are prone to fraud and errors since they are controlled directly by entities.
- Capital intensive processes due to each firm maintaining its infrastructure.
- Significant human capital/middleware required to process transactions from systems that do not interoperate.
Smart Contract Benefits
- Improved transactional data integrity and transparency, yielding an increased market stability
- Reduced expenditure for accounting information systems by cost-sharing across multiple organizations
- Improved insight into parties’ capital due to increased financial accessibility
Smart Contract Considerations
- Development of a portal to streamline smart contracts that facilitate and report financial transactions
- Design a set of standards for tokenized assets
- Interoperability between a distributed ledger network and legacy systems
- Creation of a marketplace of attesters to audit financial smart contracts
ADVANTAGES of apply Smart Contracts for ETM price route
First, it’s about data security. Ethersmart blockchain has a great way to compare, proof, and save lots of kinds of data without actually storing them anywhere at all. This is one of the most considerable advantages of Ethersmart blockchain: instead of the data, in most cases, anyone who creates a smart contract can store the hash of this data and compare hashes as a measure of probability in the future.
As for the smart contracts, they provide comprehensive security for both data and assets, as they entirely rely on the immutable information stored in the Ethersmart blockchain and can trigger actions automatically, without any manual input. This way, smart contracts guarantee the precise following to the contract terms and provide all necessary actions automatically, without any possibilities to perform harmful actions, trigger fraud transactions, or scam any other contract’s party. Possibly harmful functionality, for example, backdoors, can’t be added to a smart contract. As at the moment of publication, its source code becomes available for everyone, and a public or third-party audit can easily found any discrepancies before the parties start to use this contract.
Utilizing smart contracts has a significant advantage of the Ethersmart blockchain: any action made by the smart contract is verifiable and traceable, without any hassle at all. Any contracting party can verify any transaction, hence any backdoors or fooling are impossible. The contract will perform exactly as it is written. Smart contracts discard intermediaries and embed trust between the parties.
Because the smart contracts are based on the Ethersmart blockchain, neither those who run them nor the developers need a costly server infrastructure, data input points, or employees to manage them. The Ethersmart blockchain works on its thanks to millions of other people who work with it on your company’s holidays, nights, and weekends. Of course, there are commissions, but they are paid only if your smart contract does anything. Hence, your contract operation will be free if it’s on standby. If you use traditional server infrastructure, it would require electricity, cooling, and maintenance, even if it would wait for outside actions and do nothing.
Once you’ve launched your application to the distributed ledger, it’s everywhere in the world. If you need to add new modules to your smart contract infrastructure or connect new machines, you don’t need to download terabytes of excessive data or large, complicated databases. Once clicked, it will be ready to work right away. This is also helpful in case of unforeseen circumstances, as nothing influences the work of your program, be it fire, flood, or absence of electricity.
ETM token price currently reaches $ 5.9 / 1 ETM at the end of August 2020. Investors have complete peace of mind in the transparency of the price growth roadmap due to the presence of smart contracts.