Smart contracts are digital contracts that provide multiple benefits over traditional contracts. The following are some of the advantages they provide. A smart contract exists on a blockchain network.
Therefore, any entry made in the contract is immutable and no alteration can be made. This can reduce the occurrence of fraudulent activities. Another major benefit of smart contracts is that it is self-executing. It does not require any third party to validate it. Once the conditions are fulfilled, a smart contract is automatically executed.
These digital contracts save costs and time as it is available digitally. There is no need for huge documents or written contracts. Smart contracts can run on various environments. One example is ethereum smart contracts that run on an ethereum platform.
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