Understanding what Smart Contracts are?

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A Smart contract is a computer program between buyer and seller stored on a blockchain that executes actions automatically when certain predetermined conditions are met.

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The Smart contract algorithm runs on blockchains, which help automate predetermined situations without human interference.

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They can be utilized in corporate environments to execute partnerships and agreements without any loss of time.

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Smart Contracts are considered vital because they help make transactions safer and more secure.

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Smart Contracts are also better known for ensuring transparency; since no third party or intermediary is involved, they eliminate any doubt that the information is modified for personal benefit.

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With the help of Smart Contracts, developers can build a wide variety of decentralized apps and tokens.

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A computer scientist and lawyer, Nick Szabo, first proposed Smart contracts in the 1990s.

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