Smart contracts are digital contracts that follow a certain protocol. They change the way agreements are made in businesses. They are self-executing and automated contracts that cannot be manipulated or altered. These contracts are highly useful especially if the concerned parties want maximum privacy and do not want any third-party involvement.
Writing up of traditional contracts is a lengthy and tiresome process. Not only do they cost more than smart contracts, but they are also not permanent. Traditional contracts need a third-party to approve the agreement. For individuals who do not want to disclose the contents of the contracts, this can prove to cause discomfort. Smart contracts on a blockchain network solve so many of these issues faced when using traditional contracts.
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