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Smart contracts are essentially programmes that run when specific criteria are satisfied and are maintained on a blockchain. They are usually used to automate the execution of an agreement so that all parties can be certain of the conclusion right away, without the need for any intermediaries or time waste. They can also automate a workflow, starting the following step when certain circumstances are satisfied.
When a condition is met, the contract is immediately executed. Because smart contracts are digital and automated, there is no paperwork to deal with and no time wasted correcting errors that can occur when filling out documentation by hand. Also, there is no need to worry about information being tampered with for personal gain because there is no third party engaged and encrypted transaction logs are exchanged among participants.
Because blockchain transaction records are encrypted, they are extremely difficult to hack. Furthermore, because each record on a distributed ledger is linked to the preceding and subsequent entries, hackers would have to change the entire chain to change a single datum. Finally, smart contracts eliminate the need for intermediaries to conduct transactions, as well as the time delays and fees that come with them.
Smart contracts eliminate the need for a central authority, legal system, or external enforcement mechanism to carry out trustworthy transactions and agreements between distant, anonymous participants. While blockchain technology is most known for being the foundation for Bitcoin (BTC), it has progressed much beyond.
*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.
*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.
Smart contracts are essentially programmes that run when specific criteria are satisfied and are maintained on a blockchain. They are usually used to automate the execution of an agreement so that all parties can be certain of the conclusion right away, without the need for any intermediaries or time waste. They can also automate a workflow, starting the following step when certain circumstances are satisfied.
When a condition is met, the contract is immediately executed. Because smart contracts are digital and automated, there is no paperwork to deal with and no time wasted correcting errors that can occur when filling out documentation by hand. Also, there is no need to worry about information being tampered with for personal gain because there is no third party engaged and encrypted transaction logs are exchanged among participants.
Because blockchain transaction records are encrypted, they are extremely difficult to hack. Furthermore, because each record on a distributed ledger is linked to the preceding and subsequent entries, hackers would have to change the entire chain to change a single datum. Finally, smart contracts eliminate the need for intermediaries to conduct transactions, as well as the time delays and fees that come with them.
Smart contracts eliminate the need for a central authority, legal system, or external enforcement mechanism to carry out trustworthy transactions and agreements between distant, anonymous participants. While blockchain technology is most known for being the foundation for Bitcoin (BTC), it has progressed much beyond.
*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.
