THE IMPORTANCE OF SMART CONTRACTS IN THIS DIGITAL ERA
Abstract
This article explores the critical role of smart contracts in the digital era, highlighting their potential to revolutionize traditional contractual processes across various industries. Smart contracts, powered by blockchain technology, offer automated, secure, and transparent solutions that address inefficiencies, reduce costs, and eliminate the need for intermediaries. The article delves into the underlying mechanisms of smart contracts, their diverse applications in finance, supply chain management, real estate, healthcare, and legal sectors, as well as the challenges and limitations they face, such as scalability, complexity, and regulatory hurdles. It also discusses future prospects, including advancements in scalability, security, interoperability, and regulatory frameworks, which are poised to unlock the full potential of smart contracts. Acknowledgements and references to key sources are included to provide a comprehensive understanding of the topic.
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