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What is Smart Contract?

• Smart contracts intent to facilitate high security and it parallelly reduces the transaction costs related to the conventional traditions thereby making them more favorable alternatives to the regular and old-fashioned contracts.
• Smart Contracts are ideally devised for validating conditions and regulations of a legal agreement between two or more parties.
• They are Blockchain-based digital protocols and a virtual version of regular contracts that are coded for predefined situations.
• They can be easily developed on several platforms such as Ethereum, NEO, Hyperledger Fabric and more.