The role of smart contracts
- Autonomy : You’re the one making the agreement; there’s no need to rely on a broker, lawyer or other intermediaries to confirm. Incidentally, this also knocks out the danger of manipulation by a third party, since execution is managed automatically by the network, rather than by one or more, possibly biased, individuals who may err.
-Trust : Your documents are encrypted on a shared ledger. There’s no way that someone can say they lost it.
-Backup : Imagine if your bank lost your savings account. On the blockchain, each and every one of your friends have your back. Your documents are duplicated many times over.
-Safety: Cryptography, the encryption of websites, keeps your documents safe.
-Speed : You’d ordinarily have to spend chunks of time and paperwork to manually process documents. Smart contracts use software code to automate tasks, thereby shaving hours off a range of business processes.
-Savings : Smart contracts save you money since they knock out the presence of an intermediary. You would, for instance, have to pay a notary to witness your transaction.
-Accuracy : Automated contracts are not only faster and cheaper but also avoid the errors that come from manually filling out heaps of forms.
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