Why are smart contracts useful?
Smart contracts’ primary advantage is their independence. Without middlemen, there is no need to pay middlemen. This can dramatically reduce costs for major transactions. Additionally, there is no need to trust middlemen to verify and execute smart contracts correctly and quickly. As a result, smart contracts can be cheaper, faster, and more secure than traditional contracts.
Also, smart contracts inherit the transparency and security of the distributed ledger they run on. On a public ledger, all transactions are visible to members of the network. This transparency allows you to verify your transaction and rest assured that the exchange happened correctly. Moreover, the records of your transaction cannot be easily altered or deleted on a distributed ledger, and if they are, this change can be made visible to you. These security and transparency benefits are unique to public ledgers and smart contracts.
Finally, smart contracts make complex transactions easy. While smart contracts can be used for simple transactions, they can also define and complete intricate, multiparty exchanges with precise timelines. Languages like Solidity make it possible to code even the most complex transactions, and once a smart contract has been written, it can be used over and over again. Additionally, multiple smart contracts can be used in tandem to execute even more elaborate exchanges.
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