Blockchain is a system of recording information that every time a new transaction is added, it adds to every participant’s ledger instead of one single entity. Thus, blockchains is known to have the advantages to solve data privacy and ownership concerns – immutable, transparent and decentralized; making it an ideal solution for connecting data islands and engaging the whole network of businesses easier for collaborations.
Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met. It is typically used to automate transaction with an agreement without any intermediary.
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