Decentralization plays a key role in blockchain and web3.0. Nevertheless, how can one be sure that various manipulations can be done reliably without a trusted third party? Yes, smart contracts are indeed part of the solution.
The smarts-contracts :
Firstly, what is it concretely?
Smart contracts are automated digital contracts that allow information to be stored and managed securely and transparently on a blockchain. It is often used for managing digital transactions, such as cryptocurrencies or decentralized lending.
A smart contract defines the conditions and rules of a transaction using computer codes. If these conditions are met, the contract is automatically executed without the need for a third party. As a result, transaction costs are reduced and transaction transparency is increased.
Smart contracts are used by several blockchains today, such as Ethereum, which is considered one of the first networks to use them. In particular, they use it to build decentralized applications (dApps).
Many industries, including healthcare, education, and financial services, can be transformed by smart contracts. By virtue of their characteristics, they can automate the processes of managing digital identities, background checks, and payments.
Their potential is enormous, and they can affect all digital sectors and lay the foundations for a more decentralized and transparent web.