Smart contracts are lines of code stored on the blockchain and automatically executed when the specified terms and conditions are met. At the most basic level, they are programs that are run because they have been arranged to be run by the people who develop them. The benefits of smart contracts are most evident in business collaboration, where they are usually used to enforce certain types of agreements so that all participants can ensure results without the involvement of intermediaries.
What are the benefits of smart contracts?
The benefits of smart contracts go hand in hand with the blockchain.
Speed and accuracy: Smart contracts are digital and automatic, so you don't have to spend time processing documents or reconciling and fixing mistakes that are often written into manually filled documents. Computer codes are also more appropriate than the legalese written in traditional contracts.
Trust: Smart contracts automatically transact according to predetermined rules, and encrypted records of the transactions are shared among participants. So, no one has questioned whether information has been changed for personal gain.
Security: Note that Blockchain transactions are encrypted, and that makes it very difficult to hack. Because each individual record is connected to the previous record and then to the ledger that is distributed, the entire chain needs to be changed to change one record.
Savings: Smart contracts eliminate the need for intermediaries because participants can trust the visible data and technology to make transactions correctly. There is no need for additional people to validate and verify the terms of the agreement because it is included in the code.
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