21 Sep 2020
Smart Contract on Credits’ Manual.
Smart contracts are written in the computer code and stored in the blockchain. They get automatically executed when predetermined conditions are met. Some networks, like Credits, support smart contracts, while others don't.
What is remarkable about the smart contract on the blockchain is that it cannot be arbitrarily changed. It is also impossible to set back the execution of a smart contract since this would require interfering with the operation of the entire network.
Traditional paper contracts need a third party as a guarantee of credibility.
A smart contract does not require this layer. Blockchain technology simplifies processes by establishing credible transactions on a decentralized basis, removing the intermediaries.
Contracts on blockchain technology are faster, cheaper, and more secure in comparison with traditional systems.
Smart contracts can be applied for any sorts of situations ranging from rent agreement to financial derivatives and insurance premiums. More and more corporate and governmental organizations are implementing smart contracts into their operational procedures now.
You can build your own smart contract on Credits’ protocol, that is easy with the step-by-step guidelines we’ve created for you, please follow this link!
