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Using a private blockchain allows businesses to assume that no unwanted users can access the network, meaning many security requirements are no longer necessary.
What is a Smart Contract?Saksham K2022-05-10T05:33:49+00:00
A smart contract refers to a computer program that manages asset and transaction exchange between parties if they fulfill predefined conditions, on a blockchain platform. Not only does it determine the rules of a business agreement, but it also immediately enforces the obligations.
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More, transactions in private Blockchain networks are usually free, as the owner maintains the node fleet and there is no need to pay for things like network maintenance or associated costs.