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Beginners Guide to Blockchain Smart Contracts

The best features that accompany using blockchain technology are its decentralized nature and capabilities of removing middlemen such as national and private financial institutions from the monopoly it currently has on global transactions. Included in the blockchain's decentralized structure is a feature known as smart contracts, an innovative function that will allow self-executing peer-to-peer transactions.

Smart Contracts, in its simplest view, are digital escrow agreements made between two parties that will automatically determine whether exchanged assets should be sent to one person or returned to the sender based on future conditions. During the time it takes the smart contract to complete an automated transaction, the blockchain’s digital ledger stores a copy of the transaction that is decentralized and immune from fraud or discretion.

There are three stages to a smart contract transaction; first, you, and another party, will both sign the smart contract using your digital signatures; second, the smart contract must then retain unhindered access to the digital object(s) being transferred, such as digital coins and blockchain tokens; finally, the source for the transferred amount must be verified by the smart contract from the blockchain’s synchronized headers.

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