Smart Contracts | What Is Smart Contact | Smart Contracts Explained
Crypto Explainer
Smart Contracts | What Is Smart Contact | Smart Contracts Explained
A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement.
What is an example of a smart contract? A smart contract is a self-executing program based on if-then logic. For example, vending machines are a ubiquitous presence in everyday life. It's also a simple model of a smart contract: If someone inserts $2 and then presses B4, then the machine dispenses the package of cookies held in the B4 slot.
Which blockchain has smart contracts? Ethereum is a decentralized platform that allows smart contracts to be executed. In contrast to Bitcoin's Turing complete script system, Ethereum has created Turing complete languages like Serpent, Solidity, Low-level Lisp-like Language (LLL) and Mutan to serve non-cryptocurrency users' applications.
Benefits of Smart Contracts
Autonomy and savings Smart contracts do not need brokers or other intermediaries to confirm the agreement; thus, they eliminate the risk of manipulation by third parties. Moreover, the absence of intermediary in smart contracts results in cost savings.
Backup All the documents stored on blockchain are duplicated multiple times; thus, originals can be restored in the event of any data loss.
Safety Smart contracts are encrypted, and cryptography keeps all the documents safe from infiltration.
Speed Smart contracts automate tasks by using computer protocols, saving hours of various business processes.
Accuracy Using smart contracts results in the elimination of errors that occur due to manual filling of numerous forms.
Keep watching to Learn More about Smart Contracts
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⏰Timestamps⏰ 00:00 Intro 00:18 What is Smart Contracts 01:45 Benefits of smart contracts 02:40 Outro ... https://www.youtube.com/watch?v=EDL3PkRfRv8
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