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In the dynamic landscape of financial technology, smart contracts emerge as a transformative force. These self-executing contracts, with terms directly coded into the agreement, have the potential to revolutionize how we initiate and enforce contracts.

Smart contracts, at their core, are programs operating on a blockchain network. They automatically execute, control, or document legally relevant events and actions according to contract terms.

In a decentralized environment, smart contracts operate autonomously, free from control by any single entity, and without the need for intermediaries.

Trust and Transparency: Since they are based on blockchain technology, smart contracts provide a transparent system where all parties can view the terms and the execution of the contract.

Security: Theimmutable nature of blockchain ensures that once a contract is created, it cannot be altered, thereby reducing the risk of fraud.

Efficiency: Smart contracts eliminate the need for intermediaries, which can significantly reduce transaction times and costs.

Accuracy: Automated contracts reduce the risk of human error, which is common in traditional contract law.

In finance, smart contracts find various applications. They automate insurance claims processing, manage bonds, execute derivatives, and streamline real estate transactions.

Bonds: Smart contracts can issue and manage bonds, automating interest payments and principal repayment.

Derivatives: Smart contracts execute complex financial instruments like options and swaps, ensuring terms are met without dispute.

Real Estate: They can streamline property sales by automating the transfer of deeds and funds.

Despite their potential, smart contracts face several challenges:

Legal Recognition: The legal status of smart contracts is still under debate in many jurisdictions.

Technical Standards: Standardization is needed in how smart contracts are written and executed.:

Interoperability: Smart contracts must be able to interact with different blockchain networks and traditional systems. Despite their potential, smart contracts face challenges. Legal recognition, technical standards, and interoperability are key issues to address. However, ongoing developments in blockchain technology and legal clarity promise a bright future for smart contracts.

In conclusion, smart contracts represent a significant innovation in finance, promising more secure, efficient, and equitable financial agreements. As the fintech industry evolves, smart contracts are set to become integral to the financial transactions of the future.

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How Are Smart Contracts Transforming Financial Transactions? - IT News Africa

Blockchains empower transparency and innovation, but securing smart contracts within this ecosystem remains crucial. Verifying code for vulnerabilities is essential to ensure user trust, compliance, and the overall health of the blockchain ecosystem. Recognizing this critical need, Blockscout and SolidityScan by CredShield have announced a groundbreaking collaboration to elevate smart contract security.

Blockscout serves as a user-friendly platform for anyone to deploy, verify, and interact with smart contracts across various blockchains. This ease of use fosters the core principles of Web3 transparency and inclusivity. However, unvetted code can introduce security risks, such as vulnerabilities, exploitable code, or even malicious attempts to steal funds.

Statistics reveal a significant number of deployed contracts remain unaudited, leaving them susceptible to potential exploits. SolidityScan, a tool developed byCredShields, tackles this challenge by providing a free, AI-powered tool scanner for smart contracts. This tool analyzes code and identifies common vulnerabilities, raising awareness of potential risks for users.

Smart Contract Security Score in real-time

SolidityScanis an automated security tool for your smart contracts. It scans the code for vulnerabilities and weaknesses, using over 160+ vulnerability patterns to identify potential risks. This translates to a security score, displayed as a shield icon within Blockscout for verified contracts, where a higher score indicates a lower risk profile.

Clicking the shield dives deeper, providing a comprehensive report with the vulnerability count & criticality levels. This report also analyzes individual functions, upgradeability features, and ownership structure, and even assigns an overall threat score.

SolidityScan: A Web3 Developers Essential Tool

SolidityScan integrates seamlessly with Blockscout, empowering developers to identify and rectify potential security issues early in the development cycle. Contracts can be deployed on various testnets supported by SolidityScan, allowing developers to pinpoint and address vulnerabilities before a contract goes live on the mainnet. SolidityScan offers comprehensive support for major blockchain mainnets and testnets, including Ethereum, Ethereum Classic, Arbitrum,Avalanche, Optimism, Polygon, Base, Gnosis,Neon,Rootstock,zkSync,Fuse,Shimmer,Lightlink,Shibarium,and many more.

Conclusion: A Collaborative Approach to a Secure Future

SolidityScan offers a beneficialfree scannerfor enabling continuous security for Solidity developers, but it should not be regarded as a replacement for a comprehensive manual security audit. For comprehensive end-to-end security assurance, CredShields, the parent organization behind SolidityScan, provides a wide range of services and has conducted over 150security audits.

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Enhancing Smart Contract Security With SolidityScan and Blockscout Integration - Business

Recent local elections delivered a stunning blow to President Recep Tayyip Erdoan, marking his most significant electoral defeat to date. The loss wasn't just any setback; it saw the secular opposition CHP taking control of 35 cities(representing around 80% of Trkiye's GDP and more than 60% of its population), surpassing the 24 for Erdoans AK Party.

The election result raises questions about whether a seismic shift in domestic politics will alter Turkish foreign policy.

The election was noticeably swayed by the cost-of-living crisis.Inflation hit 68.5%and Trkiye'shunger threshold now exceeds the weekly minimum wage by US$93. Budget shortfall and dwindling currency reserves raise further alarms. The nations economic fabric is closely knit with the West, especially the European Union, which remains Trkiye's top trading partner, absorbing 36% of its exports in 2023. The EU also leads in Trkiye's foreign direct investment, making up 59% of investments over the last 20 years. Thus, modernising the Customs Union to include services remains a priority. The election results also boosted Istanbul Mayor mamolu as a major competitorto Erdoan, making economic recovery even more crucial to maintaining his position.

Other than continuing to promote Trkiye's economic interests, four recent developments illuminate the priorities of Turkish foreign policy for the foreseeable future.

The Ukraine war underscored Trkiye's geopolitical relevance to the West. Immediately after the Russian offensive in 2022, Ankara invoked provisions of the 1936 Montreux Convention prohibiting the passage of Russian warships through Turkish straits.

The first is newfound momentum in relations with the United States and Egypt. The recent thaw in Trkiye-US relations is highlighted by the conclusion of a deal to sell Trkiye more F-16 fighter aircraft and Ankaras approval of Swedens entry to NATO. Fulfilment of Erdoans long-sought visit to the White House in May indicated further momentum. However, relations between theUnited States and the Kurdish separatist groups PKK and YPGhinder a full reset the Kurdistan Workers' Party (PKK) is classified as a terrorist organisation by Western countries, including the United States, but Trkiye contends that the People's Protection Units (YPG), a Kurdish militant group based in Syria that attracts US support, is closely tied to the PKK.Trkiyes aspirations to rejoin the F-35 stealth aircraft program, it's desire to seek relief from CAATSA sanctions, and ongoing controversy surrounding Trkiye's acquisition of advanced Russian air defence systemsalso strain relations with the United States.

In February, Erdoan's first visit to Cairo since 2012 to meet President Sisi symbolised Trkiye's wider reconciliation efforts with the Middle East. Ankara's humanitarian role in Rafah, coupled with its potential to facilitate inter-Palestinian dialogue, brings Egypt and Trkiye closer, despite their differing stakes in the Libyan conflict and Eastern Mediterranean issues.

The second development is Trkiye's position on Ukraine, where it must continue its balancing act of being pro-Ukraine without positioning itself as anti-Russia.

The Ukraine war underscored Trkiye's geopolitical relevance to the West. Immediately after the Russian offensive in 2022, Ankara invoked provisions of the 1936 Montreux Convention prohibiting the passage of Russian warships through Turkish straits. Subsequently, its mediation of a grain deal between the combatants marked a diplomatic triumph. Ankara wants to maintain this role, backing Ukraine with military equipment but abstaining from aligning with Western sanctions against Russia, keeping its deep trade and energy connections intact.

This balancing act showcases how Ankara views the world, demonstrating a readiness to engage with all parties while maximising its autonomy. Last month, Ankara hosted both Russian Foreign Minister Lavrov and Ukrainian President Zelenskyy.

Third, eliminating PKK/YPG remains a top priority for Ankara. In March, Trkiye and Iraq reached a historic security agreement resulting in the official prohibition of PKK by Iraq. The deal furthers Trkiye's plan to extend a military campaign into northern Iraq aiming to establish a 40km security zone beyond its borders. Trkiye also aims to neutralise the PKK's influence over the advancement of the Development Road Project, which Erdoan promotes as an alternative to the India-Middle East-Europe Economic Corridor (IMEC) initiative, supported by Israel and the United Arab Emirates, which bypasses both Trkiye and Iraq.

Erdoan's final priority is Global South outreach.In February, Trkiye and Somalia signed a significant agreement granting Trkiye control over Somalia's maritime zones for the coming decade, positioning it as a key player in the Red Sea amid rising US-Houthi tensions in Yemen and Israels military offensive in Palestine. Somalia stands as a central component of Trkiye's increasing footprint in Africa.

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Erdogan's election blow will shape Trkiye's foreign policy - The Interpreter

The year 2024 is witnessing a surge in the exploration and implementation of blockchain in the real world. Blockchain is not an idea anymore, already many industries are altered by blockchain and it is changing the future of many industries. In this article, lets look into 15 use cases of blockchain that are making headlines and showing off the many different uses of blockchain.

In the automotive industry, blockchain is revolutionizing supply chain management.

In philanthropy, blockchain makes donations more transparent and accountable, ensuring that they are used as they were intended.

By lowering fraud, improving remote voting safety, and ensuring election integrity the political processes are enhanced by the blockchain.

Using blockchain technology, the DeFi sector challenges the established financial system by offering decentralized lending, investing, and financing options that make money more accessible to everybody.

The storage, verification, and sharing of academic credentials and accomplishments are being revolutionized by blockchain technology.

Blockchain minimizes the danger to consumer health and eliminates waste in food safety events by swiftly locating and removing the source of contamination.

Blockchain is improving healthcare systems and patient outcomes by protecting confidential information, facilitating efficient data flow, and enhancing the accuracy of medical records.

Blockchain creates immutable digital identities that give users control over their information and permission to share.

Blockchains smart contracts can also automate royalty payments. This means creators will be compensated fairly and ownership conflicts will be reduced, creating a more vibrant creative economy.

Blockchain allows for new ways of consuming content, allowing for closer, personalized connections between creators and consumers.

Blockchain enables people with renewable energy systems to sell excess power directly to end-users, bypassing traditional power networks.

In real estate, blockchain promises to streamline and protect real estate transactions with a transparent, unchangeable property record ledger (PRL).

Blockchain adds value to brick-and-mortar and e-commerce by enabling token-based loyalty schemes and transparent product traceability that verifies authenticity and ethical sourcing.

To streamline sales processes in real estate smart contracts through blockchain are enabled. Through initiating payments or transactions after acquiring the commodities, efficiency in supply chains is leveraged by smart contracts.

Blockchain is revolutionizing supply chain management by providing transparency in supply chain management is allowed by blockchain. For every transaction and every product movement single and unchangeable record is allowed by blockchain.

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Top 15 Use Cases of Blockchain in the Real World, 2024 - Analytics Insight

The two-decades-long domination of Turkish politics by President Recep Tayyip Erdogan was shaken March 31 when his Islamist-based Justice and Development Party (AKP) suffered an unexpected and unprecedented defeat in nationwide municipal elections. For the first time the secular opposition Republican Peoples Party (CHP) gained the largest share of the vote countrywide and control of all of the five largest cities, including Istanbul.

The vote reflected growing dissatisfaction among working people over the worsening economic crisis, as well as Erdogans tightening centralized control aimed at stifling opposition. It showed support to actions in defense of the national rights of the Kurds and other public protests.

And it reflects the increasing political volatility today as the capitalist world order and its conflicting alliances are shaken by Moscows war against Ukraine and Tehran-backed Hamas deadly pogrom against Jews in Israel. These watershed developments accelerate the world capitalist crisis, as ruling classes everywhere look to protect their national interests at all costs.

Turkey touches on both conflicts, geographically straddling Europe and Asia as well as the Mediterranean and the Black Sea. Turkey is a member of the U.S-led NATO alliance while courting Moscow, Beijing and Tehran, all adversaries of Washington. With a foot in both camps, Erdogan tries to advance Turkish capitalist interests and his own power.

Erdogan has taken steps to mend relations with regional powers, from Egypt to Saudi Arabia, while backing off from supporting the Muslim Brotherhood and other Islamist groups. He also sought to establish warmer relations with Israel, but after Oct. 7 he demagogically outdid neighboring Arab regimes in supporting Hamas, calling the murderous Jew-hating outfit a liberation group.

Attacking the Kurdish peoples decadeslong fight for national rights in the name of fighting terrorism has long been a cornerstone of Erdogans domestic and foreign policy. The Kurds are an oppressed nationality of 30 million spread across Turkey, Iran, Iraq and Syria. The Turkish and other capitalist rulers in the region have brutally suppressed the Kurds struggle for self-determination.

In the national elections for mayors and local council seats, the CHP won in 36 of Turkeys 81 provinces and made inroads into other strongholds of the governing AKP. Only 10 months earlier, Erdogan had defeated the opposition coalition candidate in a knife-edge presidential race.

The biggest victory for the opposition was retaining power in Istanbul, Turkeys largest city with its 16 million people and position as the countrys economic powerhouse. Ekrem Imamoglu, the incumbent CHP mayor, gained over a million more votes than the AKP challenger, despite heavy backing from Erdogan.

The period of one-man rule is over today, Imamoglu, a 53-year-old former real estate developer, announced to cheering crowds. The social democratic politician said, Women, young people, Kurds, Christians, Syrians, Jews and people of all beliefs have won!

The vote took place as the countrys ongoing economic crisis deepened. Food prices shot up by 78% in one year as unemployment spread. The value of the Turkish lira has plummeted by more than 80% over the past five years. Although Erdogan changed finance ministers and aggressively raised interest rates from 8.5% a year ago to 50% now, conditions continued to worsen for working people across the country.

In the Kurdish region, the pro-Kurdish Peoples Equality and Democracy Party (DEM) won in a landslide in all 13 districts of the eastern province of Van. It claimed wins in several cities in the southeast, notably in Diyarbakir, the largest Kurdish-majority city in Turkey.

In the city of Van, local electoral authorities initially annulled the strong mayoral victory by Abdullah Zeydan. He had won over 55% of the vote, but, they said, he had a prior conviction on terrorism charges for supporting Kurdish rights so they handed the post to Erdogans candidate, who got only 27% of the vote.

Despite a ban on street demonstrations, the city erupted in mass protests. Pro-Zeydan actions also took place in several other cities around the country, including Istanbul and Amed, for three days. Turkish police tried to put them down, firing tear gas and making 340 arrests.

Zeydan has a history of fighting for his right to run and to take office. In 2015 he was elected on a pro-Kurdish ticket, but was imprisoned by the regime the following year. He remained in jail until January 2023, charged with criticizing Turkish air attacks against the outlawed Kurdistan Workers Party.

Ozgur Ozel, a national leader of the opposition CHP, slammed the decision to block Zeydans victory as an ambush against the will of the people of Van.

As the protests spread, gaining support across the opposition, Turkeys Supreme Election Council intervened and reinstated Zeydan as Vans mayor. The protests turned into celebrations.

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Erdogan regime faces widespread election defeats all across Turkey The Militant - The Militant