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Smart Contracts are self-executing contracts presented in digital form. These smart contracts work like “if 'A' happens then 'B' must happen” and we can code this type of rules into blockchain and these rules execute as the transaction happens.
The Smart Contracts are intended to improve the current traditional legal contracts by validating and enforcing the outcomes through the predefined universal code. The smart contracts in blockchain technology were introduced to provide an extra layer of security and reducing the transactional costs that we are currently spending on traditional contracts.
Smart contracts are the modern-day alternatives to the traditional form of contracts like wills, online money transfer, and asset transactions. Which possess high-security issues, frauds and are prone to cyber-attacks.
There are many tasks, processes, and business operations that can be automated with smart contracts. Smart contracts provide a much simpler, affordable, highly secure way of doing transactions than the governmental and traditional form of doing financial transactions. Some of the core benefits of smart contracts are as follows:
