A smart contract is nothing more than the piece of code that is executed. Smart contracts help you exchange money, properties, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.
The best way to explain this is a term of the contract between the buyer and the seller which is incorporated, verified, and self-executed with a cluster of codes in the decentralized blockchain network. That is why it is considered the most potential one. The only difference between traditional and smart contracts is automation and transparency.
Though it is automated, the possibilities are completely limitless.
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Uses Of Smart Contract :
Smart contracts can be influenced in fields like
Insurance: Insurance generally takes time to get processed and paid, this is because of a lack of automation. In smart contracts with security, the work is all done when it is required.
Supply chain management: From raw materials to finished goods, everything can be handled here. Even Walmart incorporates Smart contracts for supply chain management.
Likewise, many streams are incorporated into the smart contract. In less than a decade, blockchain has earned its utmost fame, followed by that smart contract has also stepped its own reputation.
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