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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EF1Finance

EF1 is a Defi Platform that allows users to save, loan, borrow and pay Crypto Assets in a global network.