Blockchain Smart Contract Based On MLM Software-Smart Contract MLM Software
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What Is Smart Contract?
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, Decentralized Blockchain network. The code controls the execution, and transactions are trackable and irreversible.
Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
What is Blockchain?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Where are blockchain smart-contracts used?
Contracts are concluded with the use of blockchain technology. But it needs to note that not all cryptocurrencies support smart-contracts:
Ethereum- This platform gives the most opportunities for coding various smart contracts.
Bitcoin- Interestingly, smart contracts are almost never used.
Side Chains- The project bitcoin for the expanded use of smart contracts.
NXT`- An open platform that has a limited number of smart contracts. However, it does not allow you to code your own solutions (scripts) to create personal contracts.
Benefits of blockchain smart-contract
The rapid growth of smart contracts is obliged by the development of the cryptocurrency. First of all, it should be noted Ethereum. This is one of the few platforms(currency) that enables you to create your own smart contracts.
No presence of intermediaries
As already mentioned, the absence of intermediaries makes the process much easier and faster. Now there is no need to seek help from a lawyer. Everything follows the pre-written code.
Safety and confidentiality
All contracts are stored in the blockchain, in an encrypted form. The goal of the system is that no one can change the smart-contract or replace the data. In addition, private keys are used for signing, which increase the level of security.
Paper work takes a long time. The use of blockchain smart contracts significantly speed up the process of concluding transactions.
Smart contracts exclude intermediaries from the business process. Once written, the program can be used for different transactions for different users.
How Smart Contracts Elevates MLM Business?
Smart Contract has turned into the greatest solution to overcome the drawbacks in the traditional MLM business.
The immutability nature of Blockchain Smart Contract brings more stability and trust-ability to MLM business among investors.
The traceability is also the main characteristic of the Smart Contract powered MLM platform, the traceability is the ability to identify, track, and trace the transactions carried out in the MLM platform.
Every transaction & user data of an MLM business are stored in a specific Blockchain-powered smart contract that allows participants to view the transaction history and other participant’s details.
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