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.

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