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Not clear about PreparedStatement

 
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Can anyone please clarify whats exact difference between a Statement and a PreparedStatement?? From what i can understand Statements are parsed and compiled every time it is executed while PreparedStatement is precompiled. Does that mean that if same querry is executed by multiple clients at different instances of time and if it is executed using PreparedStatement it will not be parse compiled for each client request?? Is this a guranteed behaviour across different JDBC drivers and databases??
 
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Yes, you are correct regarding prepared statements.
 
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