Many applications have rolled out on these smart contract platforms, with the most popular being decentralized finance (DeFi), where participants can trade assets anonymously, unlike traditional finance systems, which have a lot of state- and federally-mandated restrictions. Document preservation and accessibilityįollowing the launch of Ethereum - the first smart contract platform that runs on blockchain technology - the rollout of subsequent smart contract platforms on blockchain, directed acyclic graph structures, and other distributed ledger technologies (DLTs) have become popular.Smart contracts are a reliable way to carry out transactions requiring trust, transparency, and anonymity among stakeholders. These programs run on decentralized networks whose ledgers cannot be tampered with or changed after registering a transaction.Ī Solana smart contract, for example, stores details of the transaction in the ledger of every computer on the network - the information involved in the transaction can’t be altered by any party, not even the Solana Foundation itself. Smart contracts are programs that execute based on specified logic and agreements. In this blog, we’re going to take a look at smart contracts - what they’re all about and how they’re being used across different industries.
Smart contracts is a topic that has grown in significance in recent years, as they more frequently become the go-to solution for ensuring security and visibility for all parties engaging in a binding agreement. Find me on Twitter 6 examples and use cases of smart contracts Ukeje Goodness Follow I am a data analyst who writes about cryptocurrencies and decentralized ledger technologies.
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