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These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results. Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when...then...” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes. Then the smart contract can be programmed by a developer ~ although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools to simplify structuring smart contracts. > What is blockchain for business? Benefits of smart contracts htps:wwwbm,comvin-oitopcsismart-contracts ant282021 ‘what are smart contracts on blockehain - India | 18M = o> _) Speed, efficiency and accuracy Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents. Trust and transparency Because there's no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit. htps:wwwbm,comvin-oitopcsismart-contracts282021 ‘what are smart contracts on blockehain - India | 18M Security Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record. Savings ‘Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees. Applications of smart contracts ‘Smart contracts can be used across industries to streamline and automate doing htps:wwwbm,comvin-oitopcsismart-contracts an12812024 ‘what are smart contracts on blockehain - India | 18M business down the street or around the world. Reimagine dispute resolution Discrepancies in financial settlements are costly, taking weeks or months to research and resolve. Smart contracts that codify agreed-upon business rules automate processes such as identifying discrepancies, reconciling documents, settling transactions, and resolving disputes. 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