What are smart contracts ?
What do you know about contracts?
What is regarded as being smart?
Right from time, humans have been tagged smart because of their high level of intelligence. Humans can think , make certain decisions of their volition and develop programmable machines that work on their own. Systems like blockchain and the metaverse have been achieved as a result of this
And this takes us back to;
What are smart contracts?
Smart contracts are automatically-executing digital agreements between sellers and buyers. Smart contracts are described in relation to conditional statements in Python. Execution of python codes is based on some conditions given. If the conditions are met, the codes are executed and if not, it is brought to a halt.
Smart contracts allow the parties involved to transact, exchange currency and partner when both ends have been verified on the blockchain.
Smart contracts have incredible benefits and are highlighted below;
- Speed
What do we say of executions that occur within the speed of light?
The biggest flex of smart contract is the velocity at which transactions happen. They are super fast provided the predetermined conditions are met. Paper works are not needed and the chances of making errors are very slim.
- Transparency
The absence of third-party guarantees a seamless experience .Smart contracts enable encryption records of transaction process. This makes every information shared across participants valid because it can’t be altered for ulterior motives.
- Security
Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.
Smart contracts is the way out of every transaction mess .
The efficiency and effectiveness cannot be undermined.
I’m sure you learnt something new.
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