Smart contracts has attracted widespread attention from software developers around the world

 

Smart Contracts

Smart Contracts are computer programs which are intended to automatically perform, control, or automatically document legally binding, exchange-able events or actions based on the terms of an agreement or contract. The term was first used by the World Wide Web and then popularized by eBay, PayPal, and other online payment technologies. This technology provides real-time execution of legally binding, exchange-able contract terms in a distributed network environment. Although this technology is still relatively new, its obvious advantages have attracted widespread attention from software developers around the world.

As defined, a smart contract can be described as a computer program that coordinates the transfer of legal obligations between two parties, using a distributed network of computers to ensure contractual compliance with applicable laws and regulations. These computer protocols are programmed by legal experts in a variety of fields including computer science, law, and finance. The primary advantage of smart contracts is the speed and low cost of execution. The main reason for this low cost is the efficiency with which the transactions are monitored and validated. Another advantage is the absence of costly upfront costs for both parties, as only relevant information is stored on the distributed database.

Considered as a relatively new technology, smart contracts offer several unique features, such as no possibility for one party to take legal action against the other party; no possibility for double-spending of funds; no possibility for hidden fees or penalties; no possibility for public reporting of financial activities. Apart from these advantages, blockchains also provide an improved level of security. In the absence of distributed ledgers, the possibility of hacking is very high. Apart from these, smart contracts have also attracted the attention of investors due to their potential for large gains.


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