What Are Smart Contracts?
Smart contracts are contracts that are designed to execute and enforce themselves. They're linked to Blockchain, allowing ultimate security and decentralization. Smart contracts development lets you replace traditional contracts and can save time and money for your business.
Smart contracts are a particularly good choice when executing an agreement for services that are highly quantifiable. With a rich data set available, a smart contract can determine when a contract has been fulfilled and when some enforcement measures are needed. They're less effective as agreements for services that involved a significant degree of subjectivity.
For example, if you draw up a smart contract for website design, you may run into trouble. Who decides when the design work meets the client's needs? Compare this to, say, a shipping contract. The smart contract can take into consideration weights, arrival times, fees for tolls, temperature and weather information, and a wealth of other relevant data.
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