What are some real-world examples of smart contracts?
An example of an AI chatbot conversation about real-world smart contract applications.
What are some real-world examples of smart contracts?
Smart contracts are self-executing contracts with the terms directly written into code. Examples include real estate transactions, supply chain management, and insurance claims.
Can you explain how smart contracts work in real estate?
In real estate, smart contracts can automate the buying process. Once conditions are met, like payment confirmation, the contract executes, transferring ownership without intermediaries.
What are the benefits of using smart contracts in supply chain management?
They enhance transparency, reduce fraud, and streamline processes by automatically executing agreements when conditions are met, improving efficiency.
Are there any risks associated with smart contracts?
Yes, risks include coding errors, lack of legal clarity, and potential security vulnerabilities that could be exploited.
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