Smart contracts are the digital variants of conventional contracts. The following are some of the features of these digital contracts:
They are formed only through an agreement of the involved parties.
They cannot be adjusted or manipulated.
Smart contracts function with predetermined commands.
They reduce the expenses required to write up contracts and do it with minimal human intervention.
Blockchain smart contracts carry out the same duties as traditional contracts but are quicker, more cost-effective and highly competent. In the field of trade finance, it can prove to be extremely useful to carry out payments efficiently.
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