Smart contracts are digital contracts that work according to a certain protocol. Some of the advantages of using smart contracts are:
- These contracts are extremely beneficial particularly when the involved parties require complete privacy and do not want any third-party interference.
- They are self-executing and computerized contracts that cannot be manipulated or modified.
- They enhance the way agreements are formed in businesses.
Writing up of traditional contracts is a long and monotonous procedure. Not only are they more expensive than smart contracts, but they are also impermanent. Traditional contracts need a third-party to authorize the agreement. For individuals who do not desire to reveal the matter of the contract, this can cause them uneasiness. Smart contracts on a blockchain network solve so many of these issues faced when using traditional contracts. A crucial step in the smart contract development is auditing. In order to create it perfectly without errors, smarcontinue reading →