What Is a Smart Contract?

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caroline max

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The smart contract is a computer program that is designed and stored on the blockchain and executes automatically when a contract's terms and conditions are met. It is a digital agreement that helps the stakeholders perform their transactions in the predetermined way stored in the blockchain.

By leveraging smart contact, buyers in need of material can establish their payment and sellers can schedule their shipment. Then following the contract between 2 parties, payment can be automatically transferred once the material is delivered or dispatched. Therefore it provides secure and transparent transactions.

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