Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on a decentralized blockchain network. Smart contracts allow for the automation of contract execution, removing the need for intermediaries and increasing transparency and security. Once the conditions of the contract are met, the smart contract is automatically executed, and the agreed-upon funds or assets are transferred to the appropriate parties. Smart contracts have the potential to revolutionize industries such as finance, real estate, and supply chain management by reducing costs, increasing efficiency, and minimizing the risk of fraud.
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