Small contracts represent special algorithm in deal making process so that creating deals can get automated. This will save time as managing so many deals one by one in a manual process would be highly time consuming. Nevertheless, we cannot deny errors that could possibly happen due to manual handling of transaction data. With smart contracts, people can sell realties, bitcoin, virtual money, etc. The best thing is that there would not be presence of an agent. As a result, deal making process would be secured and confidential. Deals can be made without paying anything to third-party agents. For running business affiliate programs, smart contracts have been used quite often.
Using smart contracts has some definite benefits. First of all, it eliminates the presence of third party agents. As a result, every transaction becomes secured as well as confidential. Smart contracts are not focused on storing information on centralized server. They can be distributed to various network points. So, decentralized management opportunity is another prominent benefit of smart contracts. To run business affiliate programs, it is important to know pros and cons of smart contracts powered by NEO.
Advantages of Smart Contracts
- Elimination of third party in deal making saves time and reduces possible confusions.
- NEO blockchain based platforms offer terrific data safety and maintenance of transaction history.
- Decentralized feature adds more security as data can be stored on different server points. As a result, it is difficult to hack data.
- Crypto currency can be transferred in the most secured manner on systems that are powered by blockchain technology.
- Chance of mistakes has been significantly reduced in money transaction for creating deals.
- Transaction information of affiliate or loyalty programs is also secured on platforms that have been developed on powered platform.
Disadvantages of Smart Contracts
Along with many advantages, it also comes with a few disadvantages. If you are running network marketing business, knowing these drawbacks would definitely help you a lot.
- Smart contract based on blockchain framework is a new concept. Thus, people have limited knowledge on it.
- Making changes or altering transaction information is not possible with smart contracts. It is advantageous as it maintains transparency. But, it could be daunting when a transaction happens by mistake.
- Third party agents do not disappear completely as they get new role.
Successful business marketing or referral programs can be led with smart contracts. Many businesses have already reaped various advantages of this system.