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July 19, 2017

Smart Contracts: Introducing A Transparent Way To Do Business

Posted by Manjunatha Gurulingaiah Kukkuru (View Profile | View All Posts) at 10:10 AM

Smart Contracts: Introducing A Transparent Way To Do Business

Enterprises, irrespective of size or industry, are supported by written contracts. Unfortunately, these are often cumbersome and a source of business and legal conflict. A solution can be found in replacing traditional contracts with smart ones. A smart contract is an agreement, in the form of a computer program that is executed automatically once certain pre-programmed conditions are satisfied. On blockchain, the goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman. A smart contract scales down on formality and costs associated with traditional methods, without compromising on authenticity and credibility.

Some advantages of smart contracts are:

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