What is need of generating the Smart Contracts ?
Smart Contract is a term which is used to describe the computer program code that is capable of facilitating, executing and enforcing the negotiation or performance of any agreement or the contract using the block-chain technology. The account linked with the Smart- Contract is safe and secure in nature. No one can physically access the account because of the advanced coding skills are required in the generation of the account.
Advantages of Smart Contracts :-
- It excludes the human participation in the transactions because everything is written into the form of codes which are easy to access.
- Data is safe and secured, thereby not becoming the victim of Cyber and Security Attacks.
- Everything is digital in nature so the transactions are worth time saving.
- It is precise in nature
Disadvantages of Smart Contracts :-
- The consumers are quite suspicious in nature because most of the people are not well acquainted with the Smart Contract Technology.
- It is resistant to the modification of the data. For example – If you want to buy a new car, then data already stored can’t be changed so easily. This makes the data less secure in its use and more prone to securities issues.
- Mistakes are part of this technology because errors can be induced in the coding skills. Smart Contracts requires the high level of coding skills.
- Capital used in the generation of code for Smart Contracts is very large.