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Smart contract

Simple blockchain-based programs known as smart contracts are activated when specific criteria are met. Typically, they are employed to automate the execution of a contract so that all parties can be certain of the outcome right away, without the need for an intermediary or additional time spent on the process. Additionally, they can automate a workflow such that when circumstances are met, the subsequent action is initiated.

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Smart contract

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  1. Smart Smart Contract Contract Digital contracts known as "smart contracts" are those maintained on a blockchain that are automatically carried out when certain criteria are satisfied.

  2. Smart Contracts Defined Smart Contracts Defined Simple blockchain-based programmes known as "smart contracts" are activated when specific criteria are met. Typically, they are employed to automate the execution of a contract so that all parties can be certain of the outcome right away, without the need for an intermediary or additional time spent on the process. Additionally, they can automate a workflow such that when circumstances are met, the subsequent action is initiated.

  3. Benefits of smart contracts Benefits of smart contracts SPEED, EFFECTIVENESS, AND PRECISION When a condition is satisfied, the contract is immediately carried out. Due to the fact that smart contracts are digital and automated, there is no paperwork to complete or time required to correct errors that frequently arise when manually filling out forms.

  4. TRUST AND TRANSPARENCY There is no need to wonder whether information has been changed for one participant's personal gain because there is no third party engaged and participants share encrypted records of transactions.

  5. SECURITY Blockchain transaction records are encrypted, making them incredibly difficult to hack. Additionally, hackers would need to change the entire chain in order to change a single record on a distributed ledger because each record is linked to the records that came before and after it.

  6. SAVINGS Smart contracts do away with the need for middlemen to manage transactions, along with the fees and time delays that go along with them.

  7. FOR TECHNICAL ASSISSTANCE

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