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Smart Contract

Smart Contract

Smart Contract

The emergence of Cryptocurrencies and Blockchain technologies has introduced many new things to the world. Smart Contract is one of the most popular topics that has emerged among them. A Smart Contract is a self-executing and self-enforcing contract used mostly in the blockchain sector. Nick Szabo, who invented the first virtual currency called “Bit Gold” in 1998, defined a Smart Contract as computerized transaction protocols that execute the terms of a contract.

The terms of the agreement between the two parties, i.e, the buyer and the seller, are written into lines of code. The code and the terms of agreement exist within a distributed and decentralized blockchain network. The code itself controls the execution of the contract which is only successful when all the terms and conditions are met. The transactions through such a smart contract are trackable as they are embedded into a code. The transactions that take place through a smart contract are irreversible and transparent.
Smart contracts operate on blockchain technology and allow transactions as well as agreements to be carried out. These contracts do so without the need of a central entity, external enforcement, or legal system.


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    Here are some of the benefits of using Smart Contracts

    Smart Contracts do not need any kind of intermediaries to operate, unlike traditional contracts. The removal of such intermediaries allows the parties involved to save the cost of the intermediary. Also, the time taken is reduced in case of the smart contracts compared to traditional contracts.
    One of the biggest advantages of Smart Contracts is that they are very secure. Existing on the blockchain makes the transaction records encrypted making them difficult to hack. Therefore, Smart Contracts offer much security due to their operation on the blockchain.
    Trustworthy and Transparency
    Smart Contracts remove any kinds of third parties in the contract. Moreover, the encrypted data is shared thoroughly with the involved parties. These aspects make the operation of Smart Contracts trustful and transparent.
    Speed, Efficiency, and Accuracy
    A Smart Contract is executed immediately after the conditions are met. The contract is completely digital in form and involves zero paperwork. This greatly speeds up the process of Smart Contracts. Moreover, due to the absence of manual paperwork, the accuracy of such contracts is much more as compared to its competitors.