![]() ![]() For this reason, smart contracts have become the building blocks of an entire ecosystem of decentralized applications (dApps) and represent a major focal point of blockchain development in general.Ī solitary smart contract can only be used for one transaction type: If something happens, then something else happens. ![]() That’s because with a smart contract, the code defines the mechanisms of the transaction and is the final arbiter of the terms. Smart contract advantages include reducing - or even removing - the need for intermediaries and contract enforcement in an agreement or transaction. These digital contracts are trustless, autonomous, decentralized, and transparent - and are usually irreversible and unmodifiable once deployed. ![]() Smart contracts are one of the key components of many blockchain-based ecosystems, and an especially important element of many application-focused blockchains like Ethereum. ![]()
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