Smart contracts are a set of predetermined conditions that are recorded on the blockchain network. Smart contracts get automatically executed when the predetermined conditions are met. Once a smart contract is developed and deployed, it cannot be altered, making it immutable. With smart contracts, businesses can significantly increase their transparency and trust among their clients. Whereas traditional contracts can easily tamper when not protected properly. Here is the list of benefits businesses can get by embracing smart contract development.
Benefits of smart contract development
- More trust
- Distributed and immutable
- Paper-free
- Avoidance of fraudulent activities
- Record keeping
- No chance of failure
- Accuracy
- No third-parties involved
- High Transparency
- Storage and backup
- High-level security
- Cost efficiency
- Clear communication
- Increased Speed
- Promised outcomes
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