Newbies, 102 : Why Smart Contracts

From my post yesterday I explained what Smart Contracts are, if you are a newbie and you missed it, you can check Newbies, Smart Contract 101: What is smart contract.

Now you possibly know what smart contracts are, it’s important you know why smart contracts are the best and advantages of smart contracts.

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Because smart contracts are computer programmed code which enables them to be self executing in nature, it enables a good sense of accuracy. The accuracy of its self executing is precise to the extent that it eliminates human errors that might be generated through manual filling.

Speed is one of the best advantages of smart contracts. It eliminates the process of cross checking and manually filing each and every document. The moment the conditions programmed are met, the action is going to be executed saving time for everyone involved in the transaction.

Smart Contracts eliminates any possible reason for future disputes. This is because of its transparency being on a block chain.
And it also eliminates the cost of hiring a middleman or lawyer when executing a transaction. Smart contracts has saved lots of money for lots of transactions. This is a big advantage for organizations that pay huge amount of money for legal fees.

Smart contracts being on the blockchain gives a lot of trust because the blockchain is almost unhackable, and it’s encrypted, you know your data can’t be compromised or tampered with. So there is trust between the two parties carrying out the transactions.

All these transactions are done online eliminating the use of papers or any physical stationary materials. This way to helps in making the earth a better place because it’s for the “Go- Green “ agenda.

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