Review:
Smart Contracts
overall review score: 4.5
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score is between 0 and 5
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and execute the terms of a contract without the need for intermediaries.
Key Features
- Autonomy
- Security
- Accuracy
- Efficiency
Pros
- Eliminates the need for intermediaries, reducing costs and time
- Increased security as contracts are tamper-proof once deployed on a blockchain
- Efficient and accurate execution of agreements
Cons
- Complex coding required for implementation can be challenging for non-technical users
- Irreversible nature of smart contracts can lead to issues if errors are made