NA:Smart Contracts

Video: Smart Contracts

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Smart Contracts Review


Smart Contracts

    • Can also be known as chaincode – program rules and decision points into blockchain transactions and processes.
    • Automate transactions and ensure they are all following the same rules.
    • Stored on the blockchain.
    • Address limitation of the Bitcoin protocol.

Smart Contract

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What Do Smart Contracts Provide?

Smart Contracts Provide: Autonomy (Smart Contracts can be developed by anyone, no need for intermediaries as lawyers, brokers, or auditors); Efficiency (Removing process intermediaries often results in significant process efficiency gains); Backup (A Blockchain and Smart Contract deployed to it can provide a permanent record, allowing for auditing, insight, and traceability even if the creator is no longer in business); Accuracy (Replacing human intermediaries with executable code ensures the process will always be performed the same); and Cost Savings (Replacing intermediaries often provides significant cost reduction)