December 9, 2021 at 9:39 am #1813JerrycatherinParticipant
Blockchain technology has gained a great trust among business people. In that, Ethereum blockchain has caught the eyes of huge entrepreneurs. Ethereum is a decentralized network with flexible nature. Making a transparent transaction with a smart contract on ethereum blockchain will be a highly secure business idea.
A smart contract is just a contract in the coded form on the ethereum blockchain. It is an automation process, starts executing once both the parties meet (buyer and seller). It is one of the most reliable ways of making transactions without the fear of hacking. The contract is processed with certain rules and regulations for security issues.
The smart contract code is written with solidity. This helps them make transactions in a highly secure and trusted way.
In the ethereum blockchain, the smart contracts start execution as soon as buyer and seller meet.
For example : To sell a property, we need an intermediary like brokers or third parties, here when smart contracts are integrated into the network, there will be no need for the intermediary. The smart contract will act as an intermediary to execute the transactions between both parties. If the amount entered by the seller gets greater or matched with the buyer, the contract makes transactions to money and properties to the respective parties.
Smart contracts help to make direct transactions between the buyer and seller. This will be a beneficial process because if you work with a third party help you need to pay commission for them. Herewith the help of smart contracts you can directly contact your buyer or seller without a middle man.
If you are looking to develop your business with smart contracts, then get connected with team WeAlwin technologies – A leading smart contract development company with a team of experts. They have done more than 60+ smart contracts projects successfully. Get connected with the best for your smart contract development services.
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