Smart contracts

Smart contract protocols are developed by the programmers they consist of set of data .The code and the agreements contained in it are available throughout the expanded, extended blockchain network. Smart contracts can be used in various fields such as Defi , property registration, voting identification etc. .Smart Contacts can be decentralized  or centralized ,public or private  automated or executable after initiation. Smart contracts basically rely on algorithm they are complex in structure, they are simplify verification and transaction process.             

Smart contracts are a type of Ethereum account. This means they have a balance and they can send transactions over the network. Smart contracts allow trustworthy transactions and agreements to be made between different organizations, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.

Where Do Smart Contracts Work Best…???

The self-executing nature of these contracts makes them better suited to some industries over others. Industries like banking, insurance, healthcare, and real estate stand to benefit from adopting this technology. These industries are built upon a system of clear rules, algorithms, and quantifiable terms of engagement.

Automated contracts are less suitable for industries where service levels are qualitative in nature, such as hospitality, food, and beverages.

Smart contracts are beneficial due to their Accuracy, Speed, Efficiency, Security, Transparency, Trust, Savings, Storage & backup and Clear Communication.