Top Smart Contract Development Companies

What are ethereum smart contracts?
A smart contract is a program that runs within a blockchain having a set of rules that constitute an agreement made between two or more parties. When these rules are met, the digital contract executes the transaction.

What are the advantages of Smart Contracts?
Smart Contracts bring some major benefits to the business.

1. Completely Paper Free: Contracts signed on physical documents can be signed, stolen or destroyed. Smart contracts are built using codes in the digital space that make it completely safe and secure to use.
2. Trustworthiness: The terms and conditions of smart contracts are fully visible & accessible to trusted parties involved in creation of contract. Both parties can fully rely on the smart contract as there is no dispute or infringement to the conditions of the smart contract once it is established.
3. Speed: Smart Contracts eliminate the need to process documents manually saving a lot of time as they execute transactions in a blink of an eye.
4. Business Relationships: Smart Contracts remove the necessity of a third party to perform transactions between the two parties for exchanging money, documents, shares, property as they commit to the rules of digital contract placed within the lines of codes. Transaction is successfully completed between two parties once the defined conditions & rules are met.
5. Keep Records: All records are stored in chronological orders that can be easily accessed when needed.
6. Security: Smart Contracts are the safest way to store information on the web as they have the same level of security as cryptocurrency.