What are smart contracts, and how are they beneficial in real-world use cases?

A Smart contract is a computer program or a transaction protocol which automatically executes, control or document legally relevant events or actions according to the terms of a contract/program.

This system of automatic execution allows complex transactions to get executed between two parties without requiring an intermediary, any central authority, legal guidance, or an enforcement system. These also helps to solve the issue of mistrust between parties and business partners.

Smart contracts enable variety of advantages for a good range of industries, reducing unnecessary costs and time expenditure while enhancing transparency. Smart contracts give autonomy, trust, backup with complete safety. The accuracy is not at all compromised with faster speed in completion of task, in fact, it enables savings. The benefits of smart contracts are most apparent in business collaborations wherein it brings simplicity and efficiency to every financial transaction.

Smart contract has use cases that can be found all kinds of situations starting from banking, insurance, energy, e-government, telecommunications, music industry, art, mobility, education, and many more i.e. these may range from simple to complex.

On a blockchain, these streamline the complex process that involves several intermediaries because of a lack of trust among participants in the transaction. Essentially, Smart Contracts use cases can allow for a wide variety of actions.

Let’s examine few real examples of smart contract applications:

1. The Healthcare Industry: Smart contracts frequently helps with patient privacy and data conservation. This new technology reduces the high transaction costs while improving compliances and protocols. It gives a safe network of access to a secure, transparent record of their health data from patients to health practitioners.
2. Peer-to-Peer Transactions: Smart contracts can be used for a whole range of peer-to-peer transactions and the possibilities are endless here. These have been used for everything from launching ICO‘s to selling goods on the internet.
3. Insurance: There are a large number of claim settlement coming in the insurance industry on a daily basis and smart contracts improves and fasten the claim processing in many ways. The insurance company or an individual can easily put an error check and determine payout amounts based on a set of criteria. Critical Information such as driver licenses, driving records, accident reports, and policy details could be immediately processed to facilitate speedy payouts that would benefit both parties.

Insurance companies have to make these complex contracts for its policy users, smart contracts help in making such crucial contracts and further executing them.

1. Property/real estates: While buying and selling a house or property, there are many people and professional services involved which further adds to the cost to the seller and buyer. They have to pay to the real estate companies, agents, and lawyers to draw out contracts and get the whole procedure done. This process ends up consuming up to five to ten percent of the cost of the property to be paid in commissions. Property ownership related contracts can be recorded with this cost-effective and faster technology of smart contracts. A smart contract is a direct contract between two parties based on trust. There is no need for intermediaries if there is trust.

The expensive services delivered by lawyers and brokers can be avoided as the sellers can handle the transactions completely by themselves.

1. Finance Trading: The sector of trade was immensely benefitted with the introduction of smart contracts. The labor-intensive chores like heavy calculations and workflow approvals are much automated now, thereby, reducing the work-hours and errors to take place.

Conclusion:

Smart contracts are one of the exciting innovations of Blockchain technology. The application of smart contracts can revolutionize the way we live our lives. The transaction times will be even speedier at lower costs and even make processes much easier and stress-free.

What does the crypto market expect?

The year 2020 has brought many speculations and unforeseen challenges for the crypto industry. It has not only affected the crypto market but also the overall world economy. COIVD has changed the way market functions, where it has affected the labor-oriented jobs and industry at the same time it had given an amazing boost to the IT and digital sectors.

It has also shifted the market dependability to the digital world along with immense opportunities for online institutions. Last year has been a transformative year for the blockchain and crypto industry as the technical advancements have bought in more practical use cases for real-world problems. We observed the rise of startups and new alliances adopting blockchain for their infrastructural projects for their growth. New cryptocurrencies were launched and we saw growth in the number of stable coins as well. Many countries and their governing bodies are also paying more attention to the understanding and adaptability of engaging in crypto projects in general. This also triggers due to Facebook’s plan for launching its Libra Cryptocurrency. Overall, this change is helping us sail through the ups and downs, and volatility in current circumstances.

Crypto startups hit reality: Many crypto startups have faced serious challenges and are also failing in taking their projects to their estimated outcomes. There is also a lack of understanding in the concept and its deployment which is causing the failure. They may adopt alternatives or work on some new concepts. The specialists are looking for new business opportunities for their technological deployment. But this is going to take time and one has to keep trying and have patience.

New advancement in Blockchain technology: Blockchain itself is a demanding technology and is ever-evolving. Constant developments and new concepts are adding up every time and it is being altered to be made use for addressing more real-world problems. We see new versions of blockchain coming up by 2020 and beyond. The focus is to maximize usability and finding a good product-market fit. We are looking at the launch of fourth-generation Blockchain projects, with a varied range of applications being built on the DLT ecosystem.

A more realistic approach for Blockchain A more realistic and practical approach for blockchain is expected this year onwards. Those companies who have ventured into blockchain will be now taking a more strategic approach towards the whole idea. Enterprises and industries will focus on the real use cases of blockchain that can deliver them with good results along with apt usability and fitment in their existing projects or production.

Exchanges to become more stringent about their policies Due to the rise in new cryptocurrencies coming into the market, exchanges also have adapted a more professional approach to safeguard the interest of its investors or traders. There will be a decline in the number of coins/tokens as they will be filtered out because of new rules and regulations. This will also filter out the market and we may see the delisting of many.

Growing blockchain adoption in coming times There has been a rise in the adoption of blockchain technology as a whole in many industries. Many of the senior-most finance experts say that there will be mainstream adoption of blockchain in the coming times. Some experts also believe that blockchain is overhyped.

The 2018 PwC survey polled 600 executives from 15 territories. When asked about their involvement in blockchain, 84% answered that their companies were involved with the technology to a certain extent.(source: PwC).

After the United States, China has been investing a lot in blockchain and many Chinese executives believe that smart contracts are highly important.

The Crypto market is expected to experience a much steadier growth in the coming times. This is because of the rise in the demand of the people worldwide, who are finding its effective use and value. Blockchain projects and digital assets are set to grow with the adoption of its breakthroughs in mainstream use cases. The future of blockchain is promising but only after stumbling through the initial stages of its mass adoption and understanding for better deployment.

JD Coin Future of Crypto Industry

Crypto assets are gaining popularity in recent times and people are also more inclined now to make use of it for their benefits. JD Coin being a new entrant in the competition with many advanced features like attractive rates and ease to trade arouses the keen interest of Crypto Traders. It has gained prominence in the cashless economy especially due to its presence in Finance Blockchain Week in February month in Singapore last year and Blockchain Summit in Dubai in the month of October last year. JD Coin is among the eminent speakers in the Blockchain Summit to be held in October 2020 in Olympia, London, and will be launching the new Blockchain 4.0. And will be discussing the future of blockchain.

The plans of JD Coin are focused on redefining the future of the crypto industry as well as the whole JD community. The plans of JD Coin are focused on redefining the future of the crypto industry as well as the whole JD community. JDC aims to offer several high values and proven use cases for the digital age.

JD coin is constantly working towards its technological advancement in the crypto market benefitting its JD community. JDC tends to possess the power to attract success and power towards itself and win its rightful position on the Crypto Charts.

At JD Coin, we believe in the core concept of a completely transparent and secure platform for our users bolstered by new policies and rising adaptations. To be able to offer a stable and growing platform we have brought just 84 million crypto coins in the market. All the currencies having fewer tokens in circulation have appreciated so quickly in price, or as they say in the crypto world, and touched the moon. We want to support the JD Community by becoming the best cryptocurrency to invest in. As JDC gains momentum, there are plans to utilize its technological advancements to benefit the community as well as achieve the goal for green earth. Their new platforms will be community-focused and will allow everyone to contribute with their participation to it as well as tools to help the earth with their efforts.When it comes to the future of the JDC community, the company believes in the concept of growth & progress with everyone.

JDC is listed on several top-rated exchanges within a very short span of its operations in the crypto industry. The list of exchanges to be mentioned is: Fatbtc, Bilaxy, Coinsbit, Folgory, Etherflyer, Vindax, Catex. We do not stop here only, we will be coming on other relevant top exchanges in the near future providing more opportunities to trade with flexibility and ease.

The future of JD coin seems definitely shining and promising as a global brand. Their goals are high and they are ready to take on the world by storm. JD Coin is all about real-world utility, hence, the year 2020 will see a huge increase in the number of people holding and using JD Coin, and start to really move the needle on global economic freedom.

Investing for the Next Recession

Are we hitting the recession again? 

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The answer is yes, and we are getting there. Recessions are a fact of life. Recessions are evolutionary bottlenecks in the world of modern economics—where weak projects expire, strong projects prevail, and industries become more resilient as a result.  Things have changed since the arrival of COVID 19 and it has put all the nations in the world at a back leash. Whether the recession is fast-approaching or still a way off, it’s wise to be prepared for its eventuality. Lockdown has affected adversely almost all sectors and industries and a lot of people have already lost their jobs. While government measures for handle COVID including lockdown and stay at home orders, labor-oriented jobs, and other jobs that require human intervention has gone down drastically. Companies, Factory/store owners, small businesses have laid off many of their employees and are surviving with minimum labor and operations for now. The situation is going to get worse and the world economy is going to observe some of the worst times. Although all the nations are putting their best efforts to get their economy on track. But before recession strikes, it's best to focus on the long-term investment and manage your expenses, minimizing the risk in your portfolio and setting aside yourself from its deep-down effects.

As the current circumstances demand minimum human contact, it has also given rise to the question of using digital currency or online payments over using traditional payment methods. People worldwide have accepted this trend and have been following it as well. It gives a clear indication of everyone open to adopting a new way of life. It is quick, safe, and convenient. Along with the increasing dependability on digital banking, there is a good scope of cryptocurrency market as well.

The question of investing for the next recession still looms large in the minds of those who are simply not sure how to protect their investments and do what they can to be prepared for the coming financial meltdown. For some, that is as easy as keeping a basic savings account balance in a personal checking account, but others are still searching for strategies to keep them from being caught in a downward spiral of depression and anger when the economy collapses. But here the Crypto industry differentiates from the fiat currency as it is not bound by any government authorities and regulatory whereas traditional assets are directly inclined to be affected by the inflation and deflation by the world trade.

One can start to invest in crypto with small investment at the initial stages and then learn and grow with time, sooner the better it is. Bitcoin was the first cryptocurrency launched by Satoshi Nakamoto in the year 2009. It has seen its good days and bad days but it has gone stronger than before and expected to hit more than 10k again by 2020 end. Similarly, there is another cryptocurrency in the market that has been doing good even after these economic slowdowns.

According to financial market analysts, cryptocurrencies will be widely accepted as a form of investment in the coming future and it may result in the other traditional currencies losing their core usage and dependability.