Why is Smart Contract important in a futuristic Uber Clone Script ?

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Muthurengan 1 year ago - Created

Looking for a futuristic Uber Clone Script ? Well, one the most important features of an uber clone script is the smart contract feature. What is this smart contract and why this is needed in an uber clone script to build a strong business model is what we shall be discussing in this post.

Uber clone script, smart contract feature

 To begin with, let’s try to understand what this smart contract is.

It is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation of a contract without any third parties involved. These transactions are trackable and irreversible. The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.

Now as the digital cryptocurrencies are gaining momentum many futuristic uber clone scripts have made a provision of integrating digital currency as a mode of payment. These digital currencies use blockchain which is a decentralized distributed ledger.

When a payment is made by digital currency smart contracts ensures a safe transaction. Also called as self executing contracts they can be converted to a computer code, stored and replicated on the system and supervised by the network of computers that run the blockchain. This would also result in ledger feedback such as transferring money and receiving the product or service.

Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist who invented a virtual currency called Bit Gold in 1998 almost 10 years before Bitcoin.

Smart contracts are complex and their potential goes beyond the simple transfer of assets, being able to execute transactions in a wide range of fields, from legal processes to insurance premiums to crowdfunding agreements to financial derivatives. They have the potential to disintermediate the legal and financial fields.

Apart from other things smart contract have the ability to control behavior as well as their potential in real-time auditing and risk assessment. With smart contracts gaining traction the role of lawyers will witness a shift in the future.

Now lets have a look on the working mechanism of the smart contracts.

An option contract between parties is written as code into the blockchain. The individuals involved are anonymous, but the contract is the public ledger. When a triggering event like an expiration date and the strike price is hit then the contract excuses itself according to the coded terms.

Regulators can use the blockchain to understand the activity in the market while maintaining the privacy of the individual actor’s position.

Here are some reasons why smart contracts are awesome :

  • Autonomy: You are the one making the agreement so there is no need to rely on a broker, lawyer or other intermediaries to confirm. Since the execution is managed automatically by the network it knocks out the danger of manipulation by the third party.
  • Trust: Your documents are encrypted on a shared ledger. There is no way someone can tell they lost it.
  • Backup: On the blockchain, each and every one of your friends have your back. Your documents are duplicated many times over.
  • Safety: The encryption of the websites keeps your documents safe. There is no hacking.
  • Speed: You’d ordinarily have to spend a huge amount of time and paperwork to manually process the documents. Smart contracts use software codes to automate tasks thereby saving hours of the business process.
  • Savings: Smart contracts help in saving your money as they knock out the presence of an intermediary.
  • Accuracy : Automated contracts are not only faster and cheaper but also avoid the error that comes from manually filing heaps of forms.

Most of the uber clone scripts that are available in the market do not have any provision for the smart contract. They are still using the traditional mode of payment involving the third party.

Developers of Nikola, a groundbreaking product from Smart-Car Tech are on the process of integrating smart contracts along with a bitcoin mode of payment in the upcoming versions.

This not only makes Nikola futuristic but one of its kind in the market.

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