Smart contracts can be programmed to automatically execute when certain conditions are met, which eliminates the need for intermediaries such as banks or lawyers.
They are used in a variety of applications such as decentralized finance (DeFi), supply chain management, and digital identity verification.
Smart contracts are stored on the blockchain, meaning that once they are executed, the results are permanent and cannot be reversed.
They enable trustless transactions, meaning that parties can transact with each other without the need for a trusted third party.
Smart contracts can be audited to ensure that they are functioning correctly and securely.