Smart contracts are blockchain-based programs that self-execute when pre-determined conditions are met. These digital contracts have the potential to revolutionize how we do business, by automating the process of verifying, executing, and enforcing agreements. Smart contracts eliminate the need for intermediaries, such as lawyers, banks, and other third parties, and provide a secure, transparent, and decentralized way to conduct transactions.
One of the key benefits of smart contracts is their interoperability with other blockchain platforms. This means that smart contracts can be used across different networks, allowing for seamless integration and collaboration between different parties. This interoperability also enhances the security of smart contracts, as the decentralized nature of blockchain technology ensures that data is tamper-proof and resistant to attacks.