Solidity Smart Contracts on Ethereum
Ethereum is used to build any kind of smart contract. The core purpose behind Ethereum is decentralization. As they do not run on any one server or computer: they execute on the blockchain that is distributed across the globe. Ethereum performs through a proof-of-work, means every computer on the network comes to an agreement about the transaction before it is getting any approval.
Ethereum smart contracts make it possible to create as well as manage assets, both tangible and intangible – privately, securely and at an economic cost. It’s one of the most exciting value-added feature is automation.
User data is extremely secure against theft or hacking as all Ethereum applications and smart contracts run on a blockchain. It is decentralized so, there’s no risk of service disruption in case an accident, human error or natural disaster to make a server go offline. The foremost benefit of decentralization is that there is no single point of failure.
Smart contracts allow two parties to organize a secure value exchange without a need for a middleman. You don’t need to be in the same place or use the same currency to sign a secure deal.
Smart contracts are immutable – they are witnessed by hundreds of other blockchain users. The coded agreement cannot be altered by either party without the community being notified.
Smart contracts are time-sensitive and can be programmed to cover a very specific time frame. They start and end automatically.