The Role of Smart Contracts in Blockchain

Smart contracts are self-executing contracts with the terms directly written into code. They automatically enforce agreements without intermediaries, making transactions faster, cheaper, and more transparent. Smart contracts underpin many blockchain applications, including decentralized finance (DeFi), NFTs, and supply chain management. By reducing reliance on third parties, they lower costs and minimize the risk of fraud. Platforms like Ethereum have popularized smart contracts, enabling developers to build decentralized applications (dApps) that disrupt traditional business models across industries.

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