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    Smart Contract Payments

    Smart contract payments are automated payments initiated by blockchain technology after a specific action is completed within a workflow.

    What Are Smart Contract Payments?

    A smart contract is often backed by blockchain technology that automates steps of a process or agreement between two or more parties. Smart contract payments occur when a specific party completes a particular action.

    In this case, the blockchain will trigger a payment or transaction process, facilitating the exchange between the two parties. Paradoxically, smart contracts aren't actually — or aren't always — legally binding contracts. Instead, they're agreements.

    By automating the smart contract payments process through the blockchain technology, the parties involved don't require a third-party vendor to manage the agreed upon process steps or transactions. In this way, smart contract payments tend to be faster and more accurate than manual processes.

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