Adaptive smart contracts – are your privacy guarantee

Finchainly is an innovative solution for your business and private use. Using this technology, when placing their applications, lenders will be able to take into account the credit rating of a particular borrower, and then he can independently decide on the loan conditions, whether he wants to deal with this person or not, whether it will be profitable and reliable for him to cooperate with him or not , and other. The service itself will look for the right borrowers for lenders and vice versa, the project itself will offer them options for their choice. In addition, using Blockchain technology, this project saves and completely stores in the future the entire history of credit transactions, and other transactions that are associated with smart contracts.

Smart contracts can optimize and automate a wide variety of transactions that occur in any professional sector.

They can help businesses build trust with their customers and maximize transaction transparency. And, most importantly, they are unchanged, that is, they eliminate the risk that someone will change the contract in order to take advantage of others. These features can be very valuable, especially in industries such as the financial sector or government.

Although smart contracts are a simple concept, the nuances associated with their use in reality can complicate the situation. One of the most attractive features of smart contracts – their ability to manage and automate procedures in a decentralized database – is at the same time one of the main limiting factors for their mass recognition.

The decentralized nature of smart contracts suggests that maintaining the confidentiality of information is virtually impossible. It also means that contracts cannot communicate directly with the real world without compromising the security and integrity of data on the blockchain. Accordingly, they need trusted parties to enter data into the chain. Here’s how the basic smart contract works:

  • assets are encoded;
  • contract terms are coded;
  • both assets and conditions are entered into the blockchain as part of the block;
  • as soon as the contractual terms are met by both parties, the contract is executed;
  • any asset transfers are made based on the terms of the contract.