Smart contracts are self-executing contracts based on software. They basically work like a regular contract, but are enforced in real time using the blockchain.

Quite smart 

Smart contracts take effect automatically when certain predefined events occur and do not require human supervision. This eliminates typical sources of error. All relevant contract information is defined in the program code of the smart contract. The basis is the “If-This-Then-That logic.” As soon as a certain condition is met – for example, an ordered good arrives at point A (if this) – a related action is automatically triggered – the good is paid for (then that). The contract is fulfilled automatically, fast, and secure. Cryptocurrencies such as EGLD or tokens in the ESDT standard can be integrated into the program logic as a means of payment.

Built-in trust 

The advantage of smart contracts over normal transactions: They allow people who do not know each other to safely trade with each other. The secure smart contract technology – i.e. the blockchain – establishes or replaces trust. Additional advantages of smart contracts Cost reduction Reliability Speed Legal certainty Automation What currently may take several weeks and require intermediaries such as notaries or authorities can be done in a matter of minutes or even seconds using smart contracts.

Adaptable Smart Contracts 

Smart contracts enable the widespread application of blockchain technology in numerous use cases. While most smart contracts are not adaptable once launched, Elrond has developed a technology that will allow your business case to evolve flexibly, taking into account changing user requirements.

Smart Everything! 

Smart contracts are the foundation of business in the future! A few examples: 

• Contracts for decentralized energy supply 
• Peer-to-peer contracts (DeFi) 
• Insurance contracts and notarizations 
• IoT Transactions
• Car sharing in the private sector 
• Goods traffic and supply chain 
• Real estate transactions 
• Contracts in the public sector Licensing, e.g., digital rights management

Royalties reduce costs 

Transactions on the Elrond blockchain are incredibly cheap. But it gets even better: When a self-created smart contract is executed, 30% of the transaction fees go to the creator of the contract in the form of royalties. This means that an attractive passive income can be generated with a corresponding volume of transactions. Smart contracts are also transferable.

Istari Vision

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