How is blockchain and smart contract applied?
Blockchain is a shared database technology whose most popular use has been to support
Bitcoin digital currency. It works with linked databases that update digital record books
continuously, smart contracts are contracts of immediate applicability in which the terms of
the agreement between the buyer and the seller are written directly in lines of code.
The code and the agreements contained in it exist in a distributed and decentralized
blockchain network, smartt contracts allow transactions and secure agreements to be
made between disparate and anonymous parties without the need for a central authority,
a legal system or a mechanism of external application supervise them. They allow
transactions to be traceable, transparent, and irreversible.
The Greencoin platform is designed as a very high capacity system. The market potential
for the Greencoin ecosystem is estimated at thousands of users,The main focus is on
performance, which seeks support, predictability, stability and ease of use in relation to
smart contracts. We plan to use the most proven and scalable open source technologies
and constantly monitor alternative technical implementations.
Blockchain and smart contracts provide the tools and framework to create a new
generation of markets where supply and demand can participate in secure commercial
transactions, in accordance with various commercial rules and without the need for a
central mediator society. Therefore, just as online markets have altered many traditional
stores, blockchain and smart contracts will give birth to a new type of peer-to-peer market
that will destabilize current ones. Greencoin will in turn provide a series of smart contract
templates that will be used to facilitate the systems sales mechanism. Peer structure is the
perfect choice for the decentralized nature of the Greencoin ecosystem and has the
advantage of returning power to people who participate in the ecosystem.
The process of payment in electronic commerce currently involves more than 10 steps to
settle a transaction, and pay up to 15 different commissions of payment gateways. So the
transaction fees are between 2% and 6%, a long path that could be shortened with the use
of the blockchain. Blockchain is the perfect tool for electronic commerce to be more
efficient and reliable.
The processing of payments through blockchain has a significantly greater potential for
high speed transactions and low prices, without forgetting all the possible ways in which
smart contracts could improve both electronic commerce and payments.
Distributed nature of blockchain makes the platform less vulnerable to
attacks and attempts to compromise the system. Users assets in tokens are stored
on their wallets and all transactions are stored in blockchain to prevent fraud and
unauthorized proceedings.