Smart contracts are a key feature of blockchain technology allowing the creation of self-executing digital agreements that automate the procedure of verifying and implementing the rules of an agreement.
Efficiency is a key value of a blockchain, made possible by using smart contacts.
automating many tasks associated with conventional contracts, verification of signatures, and tracking and execution of conditions of payments.
It also helps to simplify processes and reduce the time & costs associated with contract management.
Data is stored on the blockchain, which is a transparent and immutable ledger.
This means all parties of the contract can view & verify the terms of the contract, decreasing the risk of scams or misrepresentations.
These contracts are developed to be tamper-proof, meaning once a contract is executed, it cannot be changed or deleted. This can help to decrease the risk of fraud…
Self-executing and automated behavior helps to build trust between parties to a contract, even if they don’t know each other physically.