What is the purpose of the smart contract?

The purpose of a smart contract is to facilitate and automate digital agreements or transactions without the need for intermediaries such as banks, lawyers, or middlemen. Built on blockchain technology, smart contracts are self-executing programs that automatically perform and enforce the terms of an agreement when predefined conditions are met. The primary goals of smart contracts are to enhance transparency, efficiency, and trust in various industries by eliminating the need for manual processes and reducing the risk of fraud or manipulation. They enable secure and decentralized transactions, ensuring that agreements are upheld and executed as intended, ultimately revolutionizing the way we conduct business and interact digitally.

This mind map was published on 31 July 2023 and has been viewed 63 times.