Smart Contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts automatically enforce and facilitate the exchange of assets when certain conditions are met. They run on blockchain technology, eliminating the need for intermediaries such as lawyers or banks.
Smart Contracts help to reduce the risk of fraud, as the code is transparent and irreversible once executed. They are decentralized, meaning they are not controlled by any single entity, ensuring trust and security in transactions. Smart Contracts can be used for various applications beyond financial transactions, such as supply chain management, voting systems, and decentralized applications.
Overall, Smart Contracts streamline and automate processes, drastically reducing costs and increasing efficiency in various industries. They enable secure and transparent transactions while ensuring trust and eliminating the need for middlemen.
