@geoffboy
Smart contracts are self-executing agreements with terms directly written into code, running on blockchains like Ethereum. They eliminate intermediaries, reducing costs and increasing efficiency. Smart contracts' transparency and automation reduce the risk of human error and fraud, as all parties can see the contract terms and execution in real-time.
Applications of smart contracts are vast. In finance, they automate trading and loans. In supply chain management, they ensure goods transfer and payments upon meeting specific conditions. Real estate transactions become streamlined, transferring ownership and payments without needing escrow services. This technology enhances efficiency and trust across various sectors.
0 reply
0 recast
0 reaction