Smart contract definition: this is simply a computerized transaction procedure that seals a term of any contract. This is what completes terms of negotiation that is agreed upon when finalizing your contract. Through smart contracts, you will be able to do business without the help of third parties such as intermediaries. Smart contracts ensure accurate, secure and transparent transaction hence it is worth giving a try. Following the fact that smart contracts work hand in hand with a decentralized blockchain, be sure of easy to track transactions that can neither be altered nor reversed once enforced.
Smart contract origin
These contracts were founded by Nick Szabo in 1996, and his intention was to ensure that the contractual clauses are done successfully without any hitches, and no third party was involved. Keep in mind that the contracts are irreversible; they are automatic and cannot be fabricated once it is executed.
These contracts were mainly created to get rid of traditional contract law such as human error, a lot of unnecessary paperwork as well as large fees among others. A decentralized ledger such as smart contracts is a perfect solution for business individuals because they will be able to carry out business activities without too much paperwork which irritates, consumes time and is not easy to handle the details. For instance, this digital contract guarantees 100% security for its users as there is
Smart contracts are easy to make just as mentioned above as it encourages self-execution, whereby the user may not require a third party’s help to go through the paperwork as the contacts are easily converted into codes which are then recorded within the Ethereum blockchain thus, cannot be tampered with.
The main intention of smart contract in business is enabling the two involved parties to exchange their property, shares, as well as money among other things seamlessly as the contract, ensures transparency as there are no third parties such as banks and lawyers that are involved.
Did you know that smart contracts can be compared with a vending machine where a cryptocurrency coin is tossed in, and the instructed contract is executed? This technology is simple, but it is very important in managing your business. It is worth mentioning that these contracts will ensure that all the rules of your business are abided with to the later without changing a thing. For instance, any user on the Ethereum platform in a business might desire to pay for the products in two days’ time. The user is expected to employ a smart contract which will be sent to the owner of the product being sold mentioning the agreement. The user after creating the contract and including all the details, the contract will be executed when the right time comes, and once it is created, it is irreversible and cannot be fabricated.
There is no doubt that smart contract is one of the best concepts that EthLimited is offering its users. The smart contract is a necessity to run a successful business in the recent past hence does not hesitate to make good use of this platform and create your own seamlessly.
Official links for more details,
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Published by shampapk1988
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