Simplifying Business Processes Using Smart Contracts
Smart contracts are lines of code stored in a blockchain and executed automatically as per the specified conditions. Blockchain technology makes it possible to conduct transactions and agreements between anonymous parties without the need for a central entity, external application, or legal system. Blockchain technology stores transactional records, also known as the ‘block,’ of the public in several databases, known as the ‘chain,’ in a network connected through system-to-system nodes. This storage is typically known as a ‘digital ledger.’ Key Benefits of Smart Contracts Smart contracts provide various advantages over the traditional contracts for a wide range of industries. · More efficiency and speed: Smart contracts can improve the efficiency and speed with which businesses make deals. Smart contracts are automated, and people do not have to spend a lot of time on paperwork and manually fixing errors. · ...