Smart Contract
The blockchain is a great technology. It can solve a lot of problems the world has been trying to solve for decades now. From food distribution to fake designer bags, from file storage to transaction recording and validation, the blockchain can help us solve those complicated problems.
On top of the blockchain, we can write smart contracts. Smart contracts are defined as computer protocols that represent interested parties, though they are not legally binding, i.e. they are not agreements between legal entities. They are simply a self-enforcing piece of code which executes once the terms encoded in the agreement are met. The key feature of smart contracts is their terms and conditions are immutable once they are deployed, that means they cannot be altered in any way.
The problem is, writing a smart contract is extremely difficult even for traditional programmers. The programming skills needed to create a smart contract is rare, and hiring a smart contract professional is expensive for a small startup company.
Trust won’t be needed anymore since everything is governed by the smart contract. This is how exchanges work. No need to know the other party to make a transaction, the smart contract of the exchange will take care of everything for you, for a small fee.
Sky is the limit when we are talking about smart contracts. A smart contract can be created for almost anything, any business that needs automation. There are still industries and day to day things where we can apply smart contracts; we just haven’t imagined them yet.
The Fabric Token
Here comes The Fabric Token to the rescue. The idea is a drag-n-drop system where you can create your unique smart contract. The Fabric Token ecosystem has 4 main components which work together in harmony to make the system flawless and immutable.
They are described in details below.
Fabric Token – the payment utility within the FT ecosystem.
Fabric Store – a decentralized marketplace for smart contract components.
TokenGen – a simple web application for smart contract generation.
DApp Workbench – the business application platform for incorporating smart contracts and blockchain into BPM.
With the emergence of The Fabric Token, small businesses can have the opportunity to take advantage of the power of the block chain and smart contracts. Anyone can create his own customized smart contract, without the necessary programming expertise.
More businesses and industries can now have the power of true digitization. The Fabric Token is a start, others will follow suit and launch their own platforms that will enable people to create their custom smart contracts.
The future will be bright, for we are in a dawn of a new revolution. And The Fabric Token is one of the few innovative technology companies that will lead us to a better future.
The Fabric Token Ecosystem is a blockchain-based startup created by Niquid Tech OU, an Estonian company founded in 2017. If you want to know more about this project, please refer to the links below.
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