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Blockchain has already taken significant steps towards eleminating the middlemen when it comes to currency exchange. Taking advantage of the distributed ledger system, blockchain has changed the online banking and money transferring scenario. However, there is another technology based on blockchain that is pushing the boundaries removal of middlemen, and that is smart contract. Smart contracts are something really simple. Blockchain-based contracts are digital contracts, which means all the terms of agreements are written within the lines of codes. These contracts are also self-executing, which means when the terms of this contract are met, the contract will execute itself. It is probably one of the best way of executing business where the transaction of cryptocurrency is involved. There are many three different kinds of smart contracts, Smart legal contracts, Decentralized Autonomous Organizations AKA DAOs, and Application logic contracts or ALCs. all these different kinds of smar...

When it comes to the world economy, International Trade plays a vital role. It facilitates cross border commerce, strengthening economic relations among the participating countries. So what can Blockchain contribute in this domain? Where does it fit when it comes to international trade? To know this, we need to know the very nature of Blockchain. What Is Blockchain? Blockchain is a decentralized system of data storage, transmission, and security. As a concept, it has revolutionized the way data is viewed. Used predominantly in cryptocurrency transactions, blockchain employs encryption and multi-device network model to prevent data breach/hacking. Every data is stored in millions of devices across the globe, making it impossible for hackers to tamper with them. How Can It Better Facilitate Better International Trade? International Trade is one of the fundamental pillars of the world economy. Experts all over the world always try to implement the latest innovations and tec...