Ethereum Smart Contracts — how they work?

Ethereum Ecosystem and Decentralized Exchanges

Smart Contract ABC

The real purpose of using the technology

What about the creator and target audience?

The very essence of the technology’s work

  1. It’s subject to being approved by many. The funds are spent only when the needed percentage of users agree on that.
  2. It can give rise to other contracts. Smart contracts can be interrelated, meaning if one ends, the next one begins.
  3. It keeps data on applications.

Benefits that smart contracts stand out for

  • No human factor ruining processes: no need for individual or institutional approval, no third parties as it’s up to the whole network to manage the execution.
  • No trustworthiness problems as the logs are encrypted on a collective ledger. In no way any user can say they are just gone.
  • No savings lost as it might happen in a regular bank. On Ethereum, users are there for you. The documents are “cloned” a lot of times over and over again.
  • No hacking threats as cryptography, encryption make documents secure.
  • No tons of time to deal with documents as these programs exploit software code to make processes automatic.
  • No filling out piles of docs and applications, which provides greater accuracy

Smart Contract Implementation in Real Life

State institutions

Healthcare

Businesses

Real Estate

Automobile

ERC20 Standard

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