Smart Contracts - Page 2

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They operate on blockchain technology, automatically enforcing and executing the agreed-upon conditions when predetermined criteria are met. Smart contracts eliminate the need for intermediaries, reducing costs and increasing efficiency in contractual agreements. They are decentralized, tamper-proof, and provide transparency, as all participants in the network can view the contract's code and its execution. Common uses of smart contracts include applications in finance, supply chain management, real estate, and more, where they can automate processes and facilitate trust between parties without relying on a central authority.