Smart Contracts - A Beginner’s Guide to Smart Contracts

If you are new to blockchain technology like me, every day we will find some new terminology. Smart Contract is the most popular one. I am trying to find out what actually it is? I am not an expert on cryptocurrency and blockchain technology. Just a cryptocurrency enthusiasts and try to learn new technology.

A Smart Contract is a Cryptocontract that controls the transfer of digital assets between parties under some condition. A smart contract defines everything related to the agreement between parties i.e, rules, regulations, and penalties. The smart contract helps you to avoid the service of a middleman thus saving money, time and conflict.

A smart contract helps you to exchange everything in value i.e, money, shares, property etc. Smart Contract can be used in every industry from Healthcare to Government. A smart contract can be used in the voting system. It is quite impossible to hack or alter the voting results. Nowadays, a free and fair election is even more important. So smart contract can help in this regard.

If you want crystal clear, hassle free transaction than the smart contract is for you. You don't have to pay for middleman for your transaction. Your agreement and transaction are safe and secure. The process is very fast as there is no manual task. You always have a backup of your transaction as this is happening on the blockchain.

More Info:

https://en.wikipedia.org/wiki/Smart_contract
https://blockgeeks.com/guides/smart-contracts/
http://www.investopedia.com/terms/s/smart-contracts.asp

I am learning more about this. Hopefully, I will update time to time. As always, I appreciate your upvote. For more future update, you may follow me @steemero