These contracts eliminate the need a network of nodes that work together to validate and ability to work together to faster, cheaper, and more reliable.
Think of them as self-executing contracts with the terms of the agreement directly written into code. Benefits of Applying Blockchain Technology Beyond Cryptocurrency The use of blockchain technology beyond cryptocurrency brings a host of benefits. In the realm of decentralization, no single entity holds the reins, creating a trustworthy environment. Apple filed a provisional patent in December which stated that the tech leader would be designing a Blockchain system for creation and verification of timestamps, which would help in fighting the hackers and certifying the digital signatures.
