Smart Contracts are the lawyers of the blockchain world! They are self-executing contracts that exist on the blockchain network. They allow for a specific transaction to take place between a buyer and a seller without either party having to know or trust each other. The terms of the transaction which are agreed to by both the buyer and seller are coded into the smart contract and ensures that the transaction is transparent and traceable. If either end of the contract is not held up, the contract will not go through.
Smart Contracts allow for blockchains to run without the need for a central authority or external enforcement system. Due to the nature of transactions on the blockchain it is also irreversible.
Regulators of the DeFi Network can view the Smart Contracts that are being used for a better sense of how market forces are playing out in the network without the people in the deal having to reveal their anonymity.
BCharity uses Smart Contracts to confirm transactions that happen on our DeFi Website. This is just one of the many DeFi features we use to keep our users safe and our activities transparent.
Check out BCharity’s DeFi farms: https://bcharityecssen.netlify.app/
