In a nutshell, Blockchain is a secure, reliable, and decentralized sets of transactions. Bitcoin, the first application of Blockchain has already changed the payment structure by introducing the cryptocurrencies. Blockchain has potential to transform the world and the complete way how business operates. Based on distributed ledger technology, Blockchain’s potential use cases may include public sector, supply chain, utility-based applications, IoT and machine learning apps, asset management, and peer-to-peer transactions.
Self-Executing and Secure Agreement
Smart contracts refer to a self-executing piece of information based on blockchain technology. Once the agreement conditions or payments conditions met, the programs will automatically trigger with the use of real-time information.
A smart contract includes notary, transfer of ownership and funds, asset management, agreement, and exchanges among the parties.
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