Cryptocurrency gives rise to the blockchain structure and this structure helps in making smart contracts. Smart contracts work as a legal contract between two parties with the exchange of goods, money, property or any other valuable thing. This saves time and money as there is no third party involved in these contracts. It is trusted, safe and secure. Smart contracts law is accepted by the world’s legal system hence there is no problem in doing business with the help of them after smart contract validation.
No involvement of third party
Smart contracts are different from other automated transactions and can benefit you in several ways. The best thing about smart contracts is that there is no interference of third party in these contracts that means the value that is promised will be delivered in any condition. A third party such as bank can add or subtract the amount of money under some particular situations. In these contracts, only the involved parties have control but they do not have entire control.
Fast and simple
These contracts are run on a program and they are live and can be viewed by the parties anytime on the internet. As they are based on computer programs,there are no delays associated with them, the transaction will be executed quickly. This means you don’t have to wait for hours as you do in a traditional contract to get the value. There are no physical documents required in smart contracts. Also, the terms and conditions that are made cannot be changed under any circumstances once the contract is established. These conditions and terms can be viewed any time by the parties so there is no chance of misinterpretation or miscommunication.