Smart contracts are self-executing contracts written in code and stored on a decentralized blockchain network. They automate agreements between parties, removing intermediaries and increasing efficiency. Once deployed, they are tamper-proof and reliable, and can be used for various applications such as supply chain management and insurance claims processing.
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, which ensures that they are tamper-proof and transparent.
Smart contracts can be used to automate the execution of agreements between parties, removing the need for intermediaries such as lawyers or banks. This can lead to faster, more efficient and cost-effective transactions.
Once a smart contract is deployed to the blockchain, it cannot be altered or deleted, making it a secure and reliable way to conduct business. Smart contracts can be used for a wide range of applications, including supply chain management, real estate transactions, insurance claims processing, and more.
In summary, smart contracts are digital contracts that are automatically executed when certain conditions are met. They are secure, transparent, and tamper-proof, and can help to streamline business processes by removing intermediaries and automating transactions.