smart contracts
Smart contracts are self-executing agreements with the terms of the agreement between buyer and seller being directly written into lines of code.
They provide a transparent, secure and tamper-proof way of conducting transactions without the need for intermediaries, thus reducing transaction costs and increasing efficiency.
Their strategic importance lies in their potential to automate and streamline traditional business processes, enabling the creation of trust-based transactions and reducing the risk of fraud.
The use of smart contracts can also provide businesses with a competitive advantage by reducing the time and resources required to complete transactions.
Smart contracts can be easily scaled, making them suitable for use in a wide range of industries and applications.
Smart contracts have the potential to disrupt traditional business models and transform the way in which transactions are conducted.
See also: dApps.
Learn More about Smart Contracts
- Ethereum is an open-source blockchain platform that was specifically designed for the development of smart contracts. It provides a wide range of resources and tools for developers looking to build decentralized applications. See: Ethereum Virtual Machine.
- Solidity is a high-level programming language for writing smart contracts that runs on the Ethereum virtual machine. It provides extensive documentation, including a user guide, reference manual, and tutorials for developers. See: Solidity programming language.