Smart contract aims at reducing the lengthened business decision making process and agree to the fixed and finite terms. The requirements of the buyers and sellers are defined in loops. Only when the preset conditions are met, business is tied up at ease without involving middlemen or processing charges. This eliminates lengthier contracts involving huge legal costs.
Smart contracts are agreement between two people in the form of computer code. These are processed by block chain thereby eliminating the third party. The question of trust does not arise as there is no intermediary and hence there is no room for fraud. This is difficult to hack as it is decentralized and remain in public database.
