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February 05, 2018, 07:31:21 PM |
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When i was researching on Ethereum , i got this keyword. So i decided to write an overview for the newbie.
Actually Smart Contract is a type of self-executing contract that is intended to authorize the terms of an agreement made between two parties. Terms of the contract are recorded in a computer language. It is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. It eliminates the third party
The point of smart contracts is to -
1. Encourage the trading of cash, or anything of significant worth.
2. While likewise lessening costs related with the arrangement of a contract e.g. legitimate charges.
For instance, If Rahim needed to go into a contractual agreement with Sara for the offer of a house, typically, the two people would look for the assistance of a real estate agent or a legal advisor keeping in mind the end goal to frame a contract.
On the Ethereum blockchain - A notable utilization of smart contracts can be found , where they are coordinated into decentralized applications (DApps).
Thanks you.
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