Characteristics of a Smart Contract
Smart contracts are capable of tracking performance in real-time and can bring tremendous cost savings. Compliance and controlling happen on the fly. A smart contract needs information oracles to get external information, which feeds the smart contract with external information.
Smart Contracts are
- Self-verifying
- Self-executing
- Tamper-resistant
Smart Contracts can
- Turn legal obligations into automated processes.
- Guarantee a greater degree of security.
- Reduce reliance on trusted intermediaries.
- Lower transaction costs.
Source : https://blockchainhub.net/smart-contracts/
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