Smart Contracts Vs. Traditional Contract Systems

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2. Smart Contracts Vs. Traditional Contract Systems The one concept that has garnered a lot of attention is smart contracts, among the most amazing technological breakthroughs. This is the offshoot of Blockchain, a distributed ledger technology that, without depending on a third party, aids in faster transactions. Originally, Blockchain was part of the Bitcoin exchange framework, but it evolved, and now we find a multitude of Blockchain use cases, with one of them being smart contracts. We will highlight in this blog why smart contracts are a must for your company and how they are better than the conventional contract. 2 Copyright © Blockchain Council www.blockchain-council.org

3. Why Smart Contracts? We have to know why the need arose for the same before you delve deeper to understand and use smart contracts? Not only is the conventional contract system time-consuming, but there is so much documentation that it leaves the individual burdened with the completion of formalities. Also, it is a daunting task to execute such agreements. What if you have to rely on an automatic system and the transactions are initiated once the terms of the contract have been fulfilled? A contract is essentially a document which has a set of terms and conditions agreed by the two contributing parties. Once the conditions are met, the payment is released by the party. Now, that's how the standard contract works. Let's put the same thing under the Blockchain umbrella. 3 Copyright © Blockchain Council www.blockchain-council.org

4. Smart contracts are blockchain-based contracts that have pre-decided conditions, and the contract is automatically executed once the conditions are fulfilled. For approval or validation, one doesn't have to wait. Everything is automated and pre-programmed. It not only saves your time, but also ensures that the payment doesn't have to wait for you. It ensures seamless functioning, thereby improving the company's productivity. Smart contracts are once again useful for various industries. Contract signing is a part of various industries, and the work will become simpler if we switch to automated and pre-programmed contracts. The future will be smart contracts, and if you want to be part of this growing technology as well, you must have complete knowledge of Blockchain and solidity. To do this, you can ensure that Blockchain has an online certification program. 4 Copyright © Blockchain Council www.blockchain-council.org

5. Ahead Of The Way In Blockchain, the Blockchain Council provides the best online Blockchain certificate program and allied concepts such as smart contracts. You will be well-versed with the concepts of Blockchain and its practical applications through this comprehensive learning program. You'll also learn how to develop and implement smart contracts. Connect with the Blockchain Council today for more information. 5 Copyright © Blockchain Council www.blockchain-council.org

6. Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. ● ● ● ● ● Certified Blockchain Expert Certified Blockchain Developer Certified Smart Contract Developer Certified Solidity Developer Certified Ethereum Developer 6 Copyright © Blockchain Council www.blockchain-council.org

7. THANK YOU! Any questions? You can mail us at hello@blockchain-council.org 7 Copyright © Blockchain Council www.blockchain-council.org