Blockchain Development: What You Need to Know About Smart Contract Development

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What is a smart contract?

A is like an agreement between two parties on who will pay and when. This has never been done before, but they have many benefits as well. A smart contract is 100% secured. You do not need any third party to back you up to do a transaction. You can do transactions with only you and the other party. The only thing that the other party needs to know is, that you will be making that payment when you are supposed to. This also means that it's impossible for you to cheat them, or a hacker can hack the code and make it happen. A smart contract is just like your smartphone, which has an on / off switch. The agreement is stated in code which is executed automatically when you press the right buttons.

Why is the blockchain secure?

Security – The ultimate goal of every blockchain. The system is held up by your contracts as there will be no single point of failure. Ease of transaction – The system is decentralized and there will be no clearinghouse, the transactions are verified by multiple parties using shared nodes which provide a defense against attacks. High processing power – Also, provided to ensure high data transmission speeds. Automation of steps – The system employs contracts and other network tools. This helps in automated processes. Cost-effectiveness – The network allows high speeds to transactions, and as a result, higher transactions are processed faster. Avoid transaction delay – Trusted nodes are constantly updated and verified to ensure high security.

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