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Smart Contracts and Blockchain In A New Era of Trustless Transactions
Smart Contracts and Blockchain In A New Era of Trustless Transactions
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Smart Contracts and Blockchain In A New Era of Trustless Transactions
Smart contracts are self-executing digital contracts that automatically enforce the terms of an agreement between parties without the need for intermediaries. These contracts are powered by blockchain technology and have the potential to transform the way we do business, manage agreements, and exchange value.
A smart contract is a computer program that runs on top of a blockchain network, such as Ethereum. It contains the terms and conditions of the agreement between the parties and is encoded into the blockchain. Once the conditions of the smart contract are met, the contract executes automatically, without any human intervention.
The benefits of smart contracts are numerous. First and foremost, they eliminate the need for intermediaries, such as lawyers or notaries, who typically manage and enforce agreements. By removing intermediaries, smart contracts reduce costs, speed up transactions, and increase transparency and security.
Smart contracts can be used for a variety of purposes, including financial transactions, real estate transactions, supply chain management, and insurance claims processing. In each of these areas, smart contracts have the potential to transform traditional business practices by reducing friction, increasing speed and efficiency, and creating trust between parties.
One of the most significant applications of smart contracts is in the financial industry. Smart contracts can be used to automate the process of executing financial transactions, such as the transfer of funds, the issuance of bonds or stocks, and the settlement of trades. This can reduce costs, increase speed, and eliminate the need for intermediaries.
Another promising application of smart contracts is in the real estate industry. Smart contracts can be used to automate the process of buying and selling real estate. This can reduce the time and cost of the transaction, eliminate the need for intermediaries, and increase transparency and security.
Smart contracts can also be used in supply chain management. By automating the process of tracking goods and verifying their authenticity, smart contracts can reduce the risk of fraud and increase transparency in the supply chain. This can be particularly useful for industries such as pharmaceuticals and luxury goods, where counterfeiting is a significant problem.
While smart contracts offer many benefits, they are not without their challenges. One of the most significant challenges is the lack of standardization. Smart contracts are still a relatively new technology, and there are no universally accepted standards for how they should be designed, implemented, or enforced. This can create confusion and uncertainty, particularly in complex or large-scale transactions.
Another challenge is the potential for bugs or vulnerabilities in smart contract code. Smart contracts are code, and like any code, they can contain bugs or vulnerabilities that could be exploited by malicious actors. This could lead to the loss of funds or other assets, or even the collapse of the entire blockchain network.
To address these challenges, the blockchain community is actively working on developing standards and best practices for smart contract design and implementation. This includes developing formal verification methods to ensure the correctness of smart contract code and creating frameworks for auditing and testing smart contract code.
In conclusion, smart contracts have the potential to transform the way we do business, manage agreements, and exchange value. They offer numerous benefits, including reduced costs, increased speed and efficiency, and increased transparency and security. However, there are also challenges to be addressed, including the lack of standardization and the potential for bugs or vulnerabilities in smart contract code. As the technology continues to evolve, it will be essential to address these challenges to ensure that smart contracts can reach their full potential.
Smart Contracts and Blockchain In A New Era of Trustless Transactions
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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