What are Smart Contracts?
Smart Contracts are written code that works on the Ethereum blockchain network. This set of programmed instructions are carried out when certain predetermined conditions are met. These contracts cancel out the need for human interaction and resources entirely in the financial sector. These pre-set conditions are determined by those using the smart contract for their varied purposes.
DeFi Smart Contract Development
DeFi and Smart Contracts have come together because;
The smart contract is the fuel behind Decentralized Finance
DApps can not function without a robust smart contract
Smart contracts automate all the activities in various DeFi applications
Why DeFi Smart Contract Development
Smart contracts are highly secured due to quality codes. It can not be altered or manipulated, which makes it a safe locker for the funds.
No paperwork or manual work is required on the platform, which saves time and cost.
As there is no human resources intervention, there is a high chance of accuracy on the platform.
All the activities like lending, borrowing, staking, insurance, etc., are computed on the platform at an exceptional speed.
It does not get affected by any of the external factors.
It ensures that no dispute interrupts between the buyers and sellers.
Any chance of hacking is eradicated as no central authority looks over the network.
Users have complete ownership over the funds.
Other benefits:
Immutability
Decentralized
Lower transaction costs
Liquidity
Reduction in chances of scams
Greater security
Global access
Transparency
Choose Blockchain App factory for DeFi Smart Contract Development and get all the benefits under one umbrella.
