Easy Introduction To Smart Contracts!

 

Smart Contract is an automated computer program that uses blockchain to secure contract terms. When the terms of the agreement are met, the program performs itself, effectively eliminating arbitrators. Furthermore, with smart contracts, transaction costs are significantly reduced, while transaction speeds increase dramatically.

Since the advent of this technology, organizations have been constantly exploring their potential for building smart contract applications and Dapps (decentralized applications). From blockchain to nonprofit to commercial finance to insurance to construction, smart contracts can streamline work in many industries that rely on contracts.

Although businesses generally prefer to experiment with new technologies in startup pilot projects, it is more practical to use existing blockchain platforms that support smart contracts. Vendors on these platforms charge a fee based on the amount of power required to execute smart contracts.

These are the most popular smart contract platforms, Ethereum, Polkadot, Hyperledger, Tezos, Stellar, Solana. The choice of such a platform largely depends on the issue of use.


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