S4B Crypto Contest - Season 25

Greetings my lovely steemians how are you all doing today it another awesome day and I'm happy to participate in this contest that @waqarahmadshah organized.

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How do smart contracts relate to cryptocurrency transactions?

Smart contracts are independent digital contracts where the stipulated terms of the agreement are coded into the programme, and in the field of Cryptocurrencies, smart contracts are applied when buyers and sellers negotiate a deal that will be implemented and enforced without a third party’s involvement.

So a smart contract can be thought of as a set of predetermined conditions; when a cryptocurrency transaction takes place, certain predefined actions take effect without any further input so this makes it secure and trust less as the code as mentioned cannot be altered and it can happen on a blockchain network therefore smart contracts create the efficiency, effectiveness, and self-contained way of performing the cryptocurrency transactions by eliminating the third parties and essentially automating the processes.

How can smart contracts enhance supply chain management?

Integrated in the supply chain environment, smart contracts can take form and function to fulfill contractual obligations where necessary upon thresholds being met and it cuts out the middlemen hence improving efficiency, makes the system more transparent and unlike other systems it is less prone to fraud.

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Smart contracts of the blockchain facilitate tracking of goods in real time, immediate payments for deliveries, or completion of tasks in accordance to predetermined guidelines so the efficiency and trust revolving supply chain may result in several benefits including reduced cost, enhanced traceability, improved transaction time and, therefore, a more secure supply chain market.

Explain the concept of "immutability" in relation to smart contracts.

In the context of smart contract, the term immutability points towards the aspect that once posted on the blockchain it cannot be altered so once a smart contract is deployed as well as launched the code of the smart contract as well as its state are immutable, making it safe to both the providers as well as users.

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Non-scorability enhances the idea of immutability by providing checks on the programming code that executes a smart contract’s terms and conditions, thus denying corrupting influences on this algorithm so this innovation help in trusting the contract results since nobody can interfere with the preset rules and this makes smart contracts a reliable tool for effecting transactions through the Ethereum Ethereum Virtual Machine.

Thanks for reading I'm inviting @josepha, @ability20 and @pea07 to participate.