Smart Contracts: The New Accounting

Hi all, today we'll see how smart contracts, help make our lives easier, and are infact a new accounting tool.

Firstly, we must keep in mind that smart contracts are programs that run on blockchain and can execute predefined logic and store data.

We can use them to manage our finances in a transparent and secure way.

There are many ways to create a smart contract, but one of the easiest way to create a smart contract is to use Remix IDE, an online tool that can write, compile and deploy smart contracts using Solidity.

A Metamask browser extension is required, which allows us to interact with the Etherum network and testnets.

Following are the steps required to create a simple smart contract that can be used to track daily income and expenses.

• Go to the Remix IDE, which is available online, and create a new file Expenses.sol in the contracts folder.

• Write the following code in the file:

• Click on the Solidity Compiler plugin on the left sidebar click on Compile Expenses.sol to compile the contract.

•Click on the Deploy & Run Transactions plugin on the left sidebar and select Injected web3 as the environment. This will connect Remix IDE to Metamask.

•Now we need to have some test ether in our Metamask account. We can get these from ether faucets, available online. Also, we need to be on the same testnet as Remix IDE.

•Click on Deploy to deploy the smart contract to the test network.

Using this simple smart contract we can keep track of our day to day income and expenses.

Have a good day