How to Use Smart Contracts efficiently with Blockchain Technology?

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How to Use Smart Contracts efficiently with
Blockchain Technology?
Blockchain technology has become disruptive in
the new data shift. Its key aspects made it the
worlds leading software platform for digital
assets. This article talks about smart contracts
and how businesses can use it.
Lighthearted Guide to Blockchain The Blockchain
is immutable and distributed ledger where all the
exchanges or transactions are fixed and saved
between all the connected computers in the
network. The data is transparent and every
participant can view the transaction history. And
no data can be deleted or altered without the
agreement of all the participants. Blockchain
technology doesnt need any third-party or
middlemen for any transactions, thus we can see a
new payment-cost model. An additional level of
security, a faster transaction without any third-
party and reduce costs, these are some of the
best aspects of blockchain today.
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• What are Smart Contracts?
• Conventional contract decides the terms of the
  relationship with regards to law, while smart
  contract forms the consensus between the people
  with the assistance of cryptographic code. The
  term "smart contract" was initially depicted by
  Nick Szabo the noticeable researcher in IT and
  cryptography, in 1996. He propelled a hypothesis
  that computerized transformation made better
  approaches to formalize connections by means of
  blockchain based smart contracts without AI.
• These days smart contracts utilizing blockchain
  innovation have picked up fame because of the
  likelihood to finish up credible consensus.
  Generally, smart contracts are computerized
• decentralized applications composed of codes that
  are recorded on blockchain organize. Besides,
  exchanges are totally appropriated, and there is
  no one to centrally control the assets.
• Benefits of Smart Contracts
• Transparency and immutability Everyone in the
  network can view the transaction history and for
  changing data one has to go through consensus
  protocol.
• Trust The participants in the smart contract
  have an end-to-end visibility of the process,
  this in, turn increases the trust in the system.
• Safety All the transactions are encrypted with
  the private key or the codes which keep the data
  safe. It needs huge computing resources and time
  to hack each block and get the data leak. The
  smart contracts are always safe in a blockchain.
• Faster operations As it is self-executed, it
  takes very little time to perform the exchange.
• Accuracy Everything is recorded with the help of
  computing, so there is no chance of human error.
• Conclusion
• The most popular case of executing smart
  contracts are initial coins offerings that are
  mainly used for fundraising a startup. However,
  smart contracts are a great option for legal
  agreements, tax payment, insurance policies and
  many more.
• With every passing day, numerous potential of
  blockchain technology is getting revealed. It is
  important to use the resources like smart
  contract efficiently for the optimum results.

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