Smart contracts are self-executing digital contracts on a blockchain that automatically enforce terms once predefined conditions are met, eliminating intermediaries. They are used across industries such as DeFi, supply chain, real estate, healthcare, insurance, and gaming, offering benefits like speed, efficiency, trust, and transparency. However, they face challenges including immutability, coding accuracy, security vulnerabilities, and reliance on developer expertise.
Smart contracts operate on “if/when…then…” logic, executing actions based on specific conditions. Their adoption continues to grow, with advancements expected to improve security, scalability, and usability across more industries.
