What are smart contracts and why is this important in crypto?

in hive-101145 •  3 years ago 

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Smart Contracts are automated programs on a blockchain system that executes the predetermination process, checking if all conditions are met, and triggering the next action or sequence to the next flow.

The significance of smart contracts in the blockchain is to provide speed, security, efficiency, accuracy, and transparency upon buying or selling using digital currency. Both participants would have to satisfy the program requirements before it will grant or fulfill a transaction.

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