Are Smart Contracts Beneficial | Coinscapture

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Are smart contracts beneficial? Coinscapture
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https//medium.com/coinscapture/are-smart-contract
s-beneficial-77217c00cba1

• In this world of increasing corruption and frauds
  to trust anyone in the matter of any valuable
  assets is a bit tricky and a tough task. To help
  you with this, smart contracts can be a helping
  hand and a trustworthy platform to deal with all
  the assets.
• What are smart contracts?
• Smart contracts are set of computer codes that
  run on blockchain and sets of pre-defined rules
  that have to be followed by both the interacting
  parties.
• If these rules are fulfilled by both the parties
  an output is executed by the smart contracts. In
  simple terms, it represents an agreement between
  the two parties which is exactly the same as the
  real world agreement.
• The only difference is smart contracts run on
  the blockchain, eliminating the need of the third
  party. Confused?

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https//medium.com/coinscapture/are-smart-contract
s-beneficial-77217c00cba1

• Consider this example for easy understanding. In
  the physical world buying a house can be chaotic
  requiring a lot of paperwork, talking with
  different people and a high level of risks.
• To avoid this, we generally hire an estate agent
  which helps us to lessen the burden by dealing
  with the paperwork, communication with the people
  and reduce the fraudulent risks. But this leads
  to complete dependency on the middlemen.
• However, the scenario changes in the smart
  contracts, there is no need for the middlemen.
  Because the ownership will not be passed on to
  you until the terms of the contract are fulfilled
  and the deal amount is sent to the system.
• As all the functions performed by the estate
  agent are coded into the contract. Thus reducing
  the commission amount, time and fraud as the
  money transfer can be viewed by all the
  participants in the network.

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https//medium.com/coinscapture/are-smart-contract
s-beneficial-77217c00cba1

• Features of Smart contracts
• The unique features of the smart contract can
  change our life tremendously by applying in our
  everyday life. Lets check some of them
• Cost-effective - Smart contracts eliminate the
  third-parties (Notaries, estate agents, and
  advisers, etc.) and the extortionate fees
  associated with them thereby making it
  cost-effective.
• Safe - The digital contracts are difficult to
  hack as they are protected by complex
  cryptography that stores the documents safely.
• Trustworthy - The documents can neither be stolen
  nor lost as they are safely encrypted and shared
  on a distributed ledger.

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https//medium.com/coinscapture/are-smart-contract
s-beneficial-77217c00cba1

• Autonomous - Smart contracts completely eradicate
  the third party intermediaries which directly
  gives you full control over the agreement
• Fast - You can save a lot of time by implementing
  smart contracts and reducing the processing time
  due to paperwork, sending or waiting for
  approval, etc.
• Hence, digital contracts can be used in many
  other areas including government and enterprises
  as they are automated and streamlined.
• Just check the code before execution and the
  remaining after that will be done electronically.
  
• In this way, smart contracts can be beneficial
  and lead to safe, secure, and quick agreements
  between the two parties.