According to a research by CoinDesk, initial coin offerings (ICO) netted $6.3 billion in the first quarter of 2018. Interestingly, these ICOs are made possible with blockchain-based smart contract platforms. Smart contracts are known as the real blockchain revolutionary tool as they have the ability to perform general-purpose computations and also improve on existing solutions. Using automation, smart contracts work on pre-established terms. They utilize software codes to automate business processes that take hours to execute. Such smart contracts provide benefits in multiple industries including but not limited to fund administration, real estate, escrow, legal, banking and information services.
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