Blockchain specialist the Nxt Core Development Team has launched a suite of smart contract templates, designed to improve security and cut costs of coding for blockchain, or distributed ledger, transactions.
The Smart Transaction suite provides pre-coded Nxt blockchain nodes, allowing for safer and more reliable transactions, and removing the need to code new contracts each time.
This means the risk of human error is reduced, and less-specialised programmers can create safe and reliable contracts.
Through the smart contracts, all transaction information can be kept to one blockchain node, removing the need for a third party and removing the risk associated with centralisation.
The system has been commercially tested over three years of development, and is intended to improve security, reduce the time to create contracts, and reduce risks.
According to Nxt, the launch follows concerns around flawed digital contracts, and could allow new businesses interested in smart transaction technology to get started.
Mitchell Loureiro, marketing strategist with the Nxt Foundation: “As time passes we'll see more businesses choose Smart Transactions given how cost effective and safe they are. There's no arguing with the huge return-on-investment Smart Transactions give businesses.”
