Why Smart Contracts Are Revolutionary? (Smart Contracts Use Cases)
A smart contract is a program that runs when certain conditions are met on a blockchain. An automated agreement executes so that all parties can see its outcome immediately without involving an intermediary. In addition to automating workflows, smart contracts can also trigger the next action when conditions are met. This blog discusses how smart contracts are changing the world around us and the benefits they will bring to the market in the future.
What is a Smart Contract?
The terms of a smart contract can be established in the same way as those of any other contract. However, unlike traditional contracts, a smart contract is executed as code running on a blockchain, for example, Ethereum. From loans and insurance to logistics and gaming, it offer sophisticated peer-to-peer functionality backed by blockchain security, reliability, and accessibility.
Types of Smart Contracts
Here are some types of self-executing smart contracts.
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