Before businesses can transact with each other, they must define a common set of contracts covering common terms, data, rules, concept definitions, and processes. Taken together, these contracts lay out the business model that govern all of the interactions between transacting parties.
Using a blockchain network, these contracts can be turned into executable programs called smart contracts.
Smart contracts are programmes on a blockchain that automatically execute when predetermined terms and conditions are met. Smart contracts are typically used to enforce some type of agreement so that all participants can be certain of the outcome without the involvement of an intermediary.
IBM Blockchain-As-a-Service allows companies to deploy blockchain quickly and easily from the IBM cloud. Many experts believe that IBM provides the most extensive, trusted cloud infrastructure in the world.
Utilizing Smart Contracts a Service with IBM Blockchain-As-A-Service creates an ecosystem that can really help to unlock the tremendous potential that blockchain offers in a cost effective and efficient manner. The execution of a smart contract is much more efficient than a manual human business process.