Comparison of smart contracts and real-time contracts | Author Ata Tekeli | Capital | July 2021

At the same time similar and different.

Smart contract

A smart contract is an if-else clause, which is valid if all conditions are met. To illustrate an example, a vending machine can be given as an example. Let’s think about vending machines: to get a product, you need to enter the product number and pay to get the product. If you pay the correct amount, it will provide you with the product immediately. If you don’t provide enough money, the machine will ask you to invest money unless it has been paid in full. If you pay more for the machine than the product, the machine will give you the product and change. And all these processes cannot be reversed.

Since the smart contract process cannot be reversed, the way the entire system works is extremely reliable. This makes it possible to automate business practices and help companies further protect their business processes. Especially in the supply chain, smart contracts can be fully utilized.

Due to some shortcomings in smart contracts, many companies have problems in various fields. Therefore, some other smart contract alternatives were born, and LTO Network became the first blockchain network to provide smart contract alternatives.

Real-time contract

Real-time contracts work in a similar way to smart contracts. But even if all conditions are not met, they can still work. Instead, these contracts determine the rules for interaction with all parties involved in the contract. Therefore, these contracts are not binding, and they are helpful to the company in many ways.

Because real-time contracts are very flexible, many companies are beginning to implement real-time contracts in their workflows. This has led to improvements in law, notarization and leasing. Although these areas are known for static paper-based processes that can be fraudulent. Real-time contracts are used as evidence that cannot be tampered with in these areas and will never be forged.

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