Why use smart contracts: main benefits

Below you can find some of the most notable advantages of smart contracts:

⚡️Speed and efficiency
Smart contracts optimize the entire contract implementation lifecycle due to a high degree of automation and self-enforcement of agreed terms, thus facilitating fast, smooth, and efficient execution. The efficiency benefits of smart contracts include cost reduction, time savings, and general operational improvements.

⚡️Transparency
Smart contracts help secure greater transparency while reducing potential corruption, because any alterations for a contract require the consent of all parties involved.

⚡️Elimination of third parties and economic efficiency
The automatic execution of smart contracts potentially eliminates the need for institutional enforcement, which represents a cheaper and more efficient alternative to advance guarantee of execution. The use of smart contracts eliminates errors arising during manual filling of numerous forms.

⚡️Safety
Due to data encryption, smart contracts are protected from unauthorized access and represent a secure alternative to traditional paper contracts.