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Introduction To Smart Contracts Development

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Introduction To Smart Contracts Development

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  1. Introduction To Smart Contracts On Blockchain https://www.aistechnolabs.com/

  2. Overview • Smart Contract development is a relatively new phenomenon, emerging after the development and widespread popularity of blockchain technology. It is a relatively simple concept, but it has the power the revolutionize business as we know it. In a world where older ways of business management are getting increasingly replaced by new, more efficient technology, smart contracts are just another step toward a more digital way of doing business. • Smart contract is an agreement between two parties, which is stored on a blockchain, and has a set of predefined rules. These are automatically executed when the conditions are met. A simple example would be if salary distribution was done this way. https://www.aistechnolabs.com/

  3. 1. Self-executable and pre-determined • Smart contracts can be executed on their own. It is a set of predetermined rules that both parties agree with prior to deploying the contract. Once it is deployed, it is guaranteed to execute as long as the conditions are met. It resides on blockchain, meaning that it cannot be altered or manipulated in any way. https://www.aistechnolabs.com/

  4. 2. Safe and secure • The contract existing on blockchain means that transactions done are transparent and every event is recorded on it. This recorded data can also never be tampered with. Since there is no manual deployment or litigation required, the agreement is completely safe in every manner. https://www.aistechnolabs.com/

  5. 3.Decentralized, transparent and accurate • Blockchain’s defining characteristic is decentralization, which means that the terms and conditions of the contract are visible to everyone, presenting any dispute and providing transparency. Plus, the lack of any manual deployment erases any possibility of errors and mistakes. Such accuracy can only be provided by a computerized mechanism like smart contracts. https://www.aistechnolabs.com/

  6. 4. Fast and efficient • The smart contract gets triggered the instant all conditions are fulfilled. This makes it faster and efficient for both parties concerned. https://www.aistechnolabs.com/

  7. 5.Cost-effective • Having a smart contract eliminates the need of middlemen to execute the contract once conditions are met, as this process is automatic. It saves costs that you would incur hiring middlemen, as well as other costs regarding processing errors that are impossible to happen in smart contracts. • As we move towards a more digitally driven world, smart contracts are the way to go when it comes to conducting business. Its simplicity, security and transparency are top-notch and can not be supplemented by other solutions. https://www.aistechnolabs.com/

  8. Contact Us https://www.aistechnolabs.com/ +1 (917)746 0700 biz@aistechnolabs.com 104 Esplanade ave 120 Pacific, CA 94044

  9. Thank You!

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