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Smart Contracts

This chapter provides an introduction to smart contracts. This concept is not new, but, with the advent of the blockchain, interest in this idea was revived, and this is now an active area of research in the blockchain space. Due to the cost-saving benefits that smart contracts can bring to the financial services industry by reducing the cost of transactions and simplifying complex contracts, rigorous research is being carried out by various commercial and academic institutions to formalize and make the implementation of smart contracts easy and practical, as soon as possible.

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