Smart contracts

Smart contracts are digital agreements with terms directly written into code. They automatically execute actions once predefined conditions are met. Operating on blockchain networks, they ensure transparency, security, and immutability. This eliminates the need for intermediaries, reducing costs and potential human error. For example, in a crypto/fiat exchange, a smart contract might automatically transfer funds once a specific exchange rate is reached. They can be used in various applications like supply chain management, real estate, and decentralized finance. This brings efficiency and trust to processes by ensuring all parties adhere to the agreed rules.