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What are Smart Contracts_

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What are Smart Contracts_

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  1. What are Smart Contracts

  2. What are Smart Contract? A smart contract is a self-executing piece of code that is stored on the Blockchain and is activated when specific conditions are met. This code can automate transactions and agreements between parties without the need for a third party to monitor or approve the contract.Defi Development Company So let's see what a smart contract is, how it works and its advantages and disadvantages.

  3. How do smart contracts work? Smart contracts or smart contracts are stored in a chain of blocks and are activated when certain conditions are met. For example, suppose you have a smart contract with a friend to split the dinner bill. The terms of the contract would state that each person would pay an equal amount of money in the contract.Defi Smart Contract Development Once the bill is paid, the money will be distributed accordingly. If one person tried to cheat and not pay their share of it, the contract would not be performed and the other person would not have to pay anything.

  4. Advantage ● They are self-executing. ● They provide high security and transparency. ● They are tamper proof. ● They are flexible ● They are immutable ● They are private and confidential

  5. Disadvantages ● They are not regulated. ● They are vulnerable to hacking ● they don't understand each other well ● They can be complicated to create ● They are not always binding ● They are still a new technology

  6. COMPANY BLOCKCHAINX WEBSITE https://www.blockchainx.tech/decentralized-finance-defi-develop ment E-MAIL ID contact@blockchainx.tech THANKYOU

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