Blockchain banking trends

Smart Contracts

May 10, 2023

Smart contracts are digital versions of legally binding agreements that establish obligations and decision-making criteria between multiple parties. Unlike traditional contracts, they utilize blockchain technology to track modifications and other relevant actions, offering features that are not available in conventional contracts.

Smart contracts ensure accountability by implementing automated monitoring of the agreement. Any unauthorized alteration or forgery of a signature is illegal, and with smart contracts, it’s also technically infeasible. Each signer’s digital identity is linked to the contract, and each provision is time-stamped automatically.

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