The world of blockchain is filled with an incredible amount of buzzwords which seem to rise in number on a daily basis. Smarts contracts are an example of this ongoing innovation. Along similar lines, Non Fungible Films has created innovation of their own within the blockchain sphere. More specifically, they’ve generated waves in Web3 media as one of their largest projects involves metaverse exploration. Through the use of digital storytelling, NFF presents the fascinating story of a protagonist on his journey through the metaverse. Those who choose to get involved will have influence and investment into an ever evolving storyline helped designed and created by some big names in Hollywood. Any person can climb aboard the express train that has become the metaverse. However, the overabundance of anything can often create a lack of quality. If you’re looking for a blockchain experience featuring intrigue, functionality, and personal engagement, which has been built by an experienced crew, look no further than Non-Fungible Films.
All that being said, smart contracts are worth being understood because they are an integral part of both the blockchain and NFTs. Therefore, having a well-rounded education on smart contracts seems wise. Below, you’ll find the beginners guide to smart contracts.
What are smart contracts?
Simply put, smart contracts exist on the block chain as a series of conditions which have been applied in such a way that they are changeable. When these conditions are met, an action that is part of the agreement takes place. This could be the transfer of cryptocurrency, an NFT, or any number of other things. The point is that a smart contract is very similar to the contracts our society knows so well. The key difference being that a computer is solely responsible for enacting anything and everything agreed upon. This is accomplished via code which allows for layers of security not present in a traditional contract. Furthermore, the flexibility of code has burst open the proverbial doors of opportunity for developers to take smart contracts and use them in ways never before imagined. NFF is accomplishing the same thing. For some, smart contracts are the future of business, especially when it comes to dealing with crypto. For others, they’re a blockchain function which has extremely niche capabilities. Fans as well as detractors of anything have a way of skewing the facts making it difficult to discern fact from fiction. Instead, having covered the basics of smart contracts, the following question will be insightful.
Are they beneficial?
The long and short of it is yes and you’ll soon see why. First, a massive benefit of smart contracts is how efficient they are. The days of waiting around for the other party of a contract to hold up their end of the deal are over. The instant all agreed upon conditions are met within the code of the smart contract, is the instant where everything takes place. Not only does this free up time to accomplish whatever else needs doing, it also provides a layer of security. That’s right, there’s more than one feature to smart contracts. Just as NFF has more than one feature within their blockchain offerings. Seeing as the code is responsible for carrying out the terms of the contract, both parties can have peace of mind that they are not being scammed or taken advantage of in any way. Think about it like this, even if the party you’ve struck a deal with decided to pull out at the last second or even, knowingly not uphold what they agreed to, there’s nothing they’ll be able to do to stop the smart contract from taking action. All in all, smart contracts have benefits that should not be overlooked.
How are they being used?
The nature of technology encourages anyone and everyone using it to make it their own. Personalization is an immensely important characteristic online and, thankfully, the blockchain follows in these footsteps. Even the briefest of web searches will show you that smart contracts are being used in vastly different capacities. For example, the computer company IBM has partnered with a handful of other companies to create smart contract technology which allows minute amounts of prescription medication to be tracked and accounted for no matter where in the production or distribution process it is. Not only is it helpful for inventory’s sake, it keeps medication from falling into the wrong hands. Conversely, Home Depot has gone an entirely different route. They have chosen to use smart contracts as a way to manage and better handle any problems they have with their supply chain. NFF has done their own thing by using smart contracts within their metaverse. There was no set plan for blockchain or smart contracts. The hope was that they would evolve through the ingenuity of man and they seem to be doing just that despite not being a mainstream topic for much longer than what feels like a blink.
What is the future of smart contracts?
It’s critical to remember that blink was only the launching point for smart contracts. With all that’s happened in such a small window, it’s near impossible to say where this technology will end up in just five or ten years from now. A decade ago, would you have thought the everyday consumer would have access to digital contracts which enact the terms of the deal on their behalf? I doubt it. This suggests even the most knowledgeable smart contract people cannot put together an accurate idea of what smart contracts will bring. Getting ahead of the blockchain curve before the proverbial train pulls too far away from the station is advisable when the future holds as much potential as it seems possible. NFF is one of those opportunities for potential. Hopefully, this beginner’s guide was helpful in getting the gist of smart contracts out of the way. Though remember, there’s always more than meets the eye when it comes to the blockchain.