Smart contracts automate complex processes and eliminate the need for intermediaries from "summary" of Blockchain Technology Explained by Alan T. Norman
Smart contracts are an integral part of blockchain technology. These self-executing contracts are coded in a way that they automatically enforce and execute the terms of an agreement. The beauty of smart contracts lies in their ability to cut out the need for intermediaries, such as lawyers or notaries, to oversee and validate transactions. By automating complex processes, smart contracts streamline operations and reduce the risk of errors or fraud. This automation is made possible by the decentralized nature of blockchain technology, which ensures that all transactions are recorded and verified by a network of computers rather than a single centralized authority. The elimination of intermediaries ...
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