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Everything You Need to Know About Smart Contract

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Smart contracts are just programs that are stored on blockchain and run when its predetermined conditions are perfectly met. They generally are used for automating execution of a deal so that all the participants are immediately sure of an outcome, without intermediary’s involvement and time loss. They will automate the workflow, triggering next action while the conditions are perfectly met. Let u learn how to deploy a smart contract and understand more about it.

Connect to Ethereum network

There’re a lot of ways you can make requests to Ethereum chain. Even for simplicity, we will make use of free account, blockchain developer platform & API that allows you communicate with Ethereum chain without running your nodes. This platform has got the developer tools to monitor and analytics we can take benefit of in the tutorial to know what is will happen under hood in the smart contract deployment.

Create an app (or API key)

When you have created Alchemy account, you may generate API key just by creating the app. This can allow us make requests to its test network. Suppose you are not much familiar with the test nets, you can check out the guide.

Why to use Smart Contracts?

There’re many reasons why you must implement smart contracts for the business and it is worth an upfront investment in the smart contracts system:

  • Efficiency: Making use of smart contracts begins to pay dividends while time spent executing same agreements is cut down because the autonomous and digital nature substantially decreases the time that is spent in paperwork and fixing the clerical errors.
  • Accuracy: The smart contracts make sure all important contractual terms are properly recorded in the explicit detail, and avoiding problems that come when somebody forgets to insert information while filling out the template agreement.
  • Trust & Transparency: Parties to the smart contract will be rest assured that after executing the agreement as encrypted transaction records will be shared with the participants, and terms are completely accessible and visible.