Savage Smart Contracts 😎

Smart Contracts are basically the back bone of the blockchain. They ensure the functions and condition of the blockchain. Let us see what they actually are and how do they work.

What are Smart Contracts?

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

How are Smart Contracts Beneficial?

• It is autonomous and fast.

• It is secured and interruption free.

• It is always accurate.

How does smart contracts work?Smart contracts are composed of code and data. The code — basically a set of functions — can manipulate the data that is stored with the contract. This allows smart contracts to create and manage NFTs and other types of tokens independently.

Some use cases of smart contracts :-

• Supply Chains

• Trading Activities

• Real Estate

• Insurance Claim

• Internet of things (IOT)

That's it for the day. Web3Shala signing off ✌🏻

Have a nice day :)Keep Learning 🙏🏻