davidharper

  What are smart contracts? Smart contracts is a digital code stored in a blockchain and automatically executes when predetermined terms and conditions are met. In Simple terms, they are programs that run by the setup of the people who developed them.They are designed to facilitate, verify, and execute a digital contract between two parties without the involvement of third parties.  Benefits of Smart Contracts Greater efficiency and speed Accuracy and transparency Trust Robust  Security Independent verification Advanced data safety Distributed ledger Ease of use Open source technology Better flexibility Easy integration Improved tractability Where could smart contracts be used? Today Smart contracts are used in various platforms such as  supply-chain management, cross-border financial transactions, document management, enforceability and more. Here are the Sectors where smart contracts plays a huge role, Supply chain management Insurance Mortgage loans Financial industry Trade Finance