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Imagine a vending machine.
You insert money, select a product, and the machine dispenses your item. No human interaction is needed. A smart contract works similarly.
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What is a smart contract?
* Self-executing computer program that directly verifies and enforces the negotiation terms of a contract.
* Stores the terms of the agreement in code and automatically executes the terms when predetermined conditions are met.
* Runs on a blockchain, ensuring transparency, security, and immutability.
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1.Agreement Creation: The terms of the contract are defined in code and stored on the blockchain.
2. Conditions: Specific conditions are set within the contract.
3. Execution: When these conditions are met, the contract automatically executes the predefined actions. This could involve transferring funds, issuing a document, or triggering another smart contract.
4. Verification: All actions taken by the smart contract are recorded on the blockchain, providing a transparent and auditable record.
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Key benefits of smart contracts:
# Efficiency: Automated processes eliminate intermediaries and reduce paperwork.
# Transparency: All contract terms and actions are visible on the blockchain.
# Security:** Data is protected by blockchain's cryptographic features.
# Accuracy:** The contract executes precisely according to its code.
# Trustlessness: The need for intermediaries is reduced.
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CURATOR'S NOTE
Self-Executing Digital Agreements
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