Top 12 Use Cases Of Smart Contracts You Need To Know
What are Smart Contracts? Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into code. They are designed to automatically facilitate, verify, or enforce the negotiation or performance of a contract when certain conditions are met. Smart contracts operate on blockchain technology, which provides a decentralized and tamper-resistant platform for executing and recording these contracts. Key Benefits of Smart Contracts Trust and Security: Smart contracts are based on blockchain technology , ensuring data integrity, immutability, and secure execution. Participants can trust that the contract terms will be executed as programmed, reducing the need for intermediaries and minimizing the risk of fraud. Automation and Efficiency: Smart contracts automate contract execution, reducing manual intervention and streamlining processes. This leads to faster transaction times, reduced administrative overhead, and improved o