Highly Secured
Smart contracts are proved to provide higher security to the transaction process on the DeFi platforms reducing the risk of hackers and loss of data.
What are the benefits by Smart contracts?
Smart contracts are the replacement for the involvement of intermediates in the process. There are several benefits offered by Smart contracts discussed below:
Digital process
Smart contracts are the replacement for the written agreements for a process between two entities. The agreements or the conditions are coded and stored on blockchain technology.
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High Speed
Smart contracts speed up the process with the automation it provides to the buyers and sellers by executing transactions automatically after fulfillment of the conditions defined in the contract.
Highly immutable
After the finalization and integration of the smart contract, the conditions written in it cannot be altered if required.
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Transparency
The information regarding the transactions can be accessed by the users whenever required that provides transparency.
No third party expense
Users do not have to pay any fee for the verification as the blockchain verifies the transactions without charging for it.
Reusability
The reusability property of smart contracts makes it possible to use them multiple times for the same purpose.
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Economical
As there is no central authority involved in the DeFi smart contracts, the process becomes economical.
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