One of the major intentions of smart contracts in a business world is mainly meeting all the needs of the common contractual conditions including confidentiality, payment as well as liens among others. Moreover, these contracts are striving to get rid of the malicious as well as accidental exceptions. In simple reality, smart contracts are mainly here to get rid of the flaws of the traditional contracts.
Other than minimizing fraud loss, third parties, high cost, human error as well as paperwork the following are some of the importance that smart contracts offer you as Ethlimited platform user:
Transparency:
All the information regarding the contract will be availed in public for the two parties involved. All terms and conditions are designed by the contract. The parties involved cannot change anything once the contract is made.
Clear communication:
Through this platform and its smart contract, you can now enjoy accuracy in the transaction. Through these smart contracts, be sure that you will always understand each other as a party bought together by the contract. This means that smart contracts are efficient because this concept may be a miss only in situations where there is no proper communication.
Speed:
Smart contracts employ a decentralized blockchain technology that ensures that all the transactions are processed successfully without consuming time. This is because unlike the traditional contracts where it is was human processing the transaction, in a smart contract, all the transactions are processed with high-tech computers making the process faster and more reliable.
Security:
Smart contractsareautomatic as they employ high-quality data encryption. The use of smart contracts is implemented through the utilization of utility tokens, security cryptos. Keep in mind that Ethlimited token is compliant to ERC20 hence comprises of the best security features available within Ethereum blockchain.
Efficiency:
With smart contracts, be sure of 100% accuracy alongside faster transactions. As mentioned earlier, smart contracts make use of high-tech computers to process their transactions hence millions of transactions can be processed at a rate that no human can ever achieve.
Smart contracts do not require you to use papers.it is completely paper-free hence we can put it as eco-friendly. This amazing technology is also concerned about our environment and as a result, would not date use papers that make the environment dirty. It is dedicated to enabling the rest of the world go green hence greatly discourages cutting down trees to manufacture papers.
Smart contracts offer the most appropriate storage series. This is because all the information regarding a transaction will be imbibed in a contract whereby the information is recorded on a blockchain and can and is safe for future reference if need be.
In conclusion, it is evident that smart contracts are making a difference in the business industry as today through this innovative initiative, cases of paperwork, human error, high cost and slow transactions are all eliminated. Smart contracts ensure faster business, safety, security to all the parties and also help you develop trust not only in yourself but in your business partner as well.
Official links for more details,
Webpage: https://ethlimited.org/
Whitepaper: https://ethlimited.org/whitepaper.pdf
ANN: https://bitcointalk.org/index.php?topic=4521586
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Published by cryptohipo
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