This technology allows for two parties at different locations to sign a binding contract, saving them time and money. These agreements can be anonymous.
Smart contracts are self-executed. The terms of an agreement are written into the code. That code is securely stored within its blockchain network.
Approved conditions stored in a blockchain are always backed up, which eliminates the risk of fraud or of losing a contract. Documents are encrypted.
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Cryptocurrency transactions are powered by smart contract technology, allowing one party to securely send cryptocurrency to another person. In other words, smart contracts came first. They are a quickly growing technology popular among modern businesses.
Where you can use smart contracts
Middlemen can prevent transactional fluidity and timeliness. Smart contracts remove them, allowing for seamless, easy and cheaper financial processing.
Cryptocurrency transactions are contracts, with parties agreeing to exchange currency. Smart contracts are what makes Bitcoin transactions binding.
Smart contracts bring true potential to supply chain automation. They provide transparency, and real-time tracking of inventory with IoT devices.
Some government service departments implement smart contracts. A city in Switzerland uses citizenship verification through the Ethereum blockchain.
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