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A smart contract is a line of code that is inserted in blockchain and naturally executed when the predefined terms and conditions are met. Blockchain is a mutual, disseminated record on which the exchanges are carefully recorded and connected together, so they provide the complete history or provenance of the benefit. In the past, blockchain was associated only with digital currency, such as Bitcoin. However, blockchain innovations are now used in numerous businesses as a protected and savvy approach to create and manage dispersed databases and maintain records of online transactions of different types.

Smart contracts can be used in various industries, including banking and financial services, where multiple lenders can provide loans with the same loan terms to multiple borrowers using smart contracts. In the energy sector, smart contracts are used for the general distribution of energy. The entertainment …