One of the most crucial features of Blockchain Technology is its decentralized nature. This means that the information is shared by all the parties of the networks. Hence, it eliminates the need for middlemen or intermediaries to facilitate operations. This feature is particularly useful because it saves one from the possibilities of hacks and fraudulent activities. Blockchain Technology offers a feature-rich, fast, cheap, and efficient mode of transactions. Thus, most organizations in the government and banking sectors have started adopting this top-notch technology.
This post deals with the importance and the need for Smart Contracts to create Blockchain applications in the market.