Agreement without third parties. How a smart contract works


The advent of cryptocurrencies brought the world the technology of a decentralized ledger, which, over time, began to be used outside of digital finance. Smart contracts in the blockchain can be viewed as a universal mechanism for the interaction of two or more persons who have mutual obligations. A smart contract guarantees strict compliance with the clauses of the contract and makes it possible to remove the unnecessary party from the process – intermediaries. We will talk about how, where and why you can use smart contracts in this article.

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