What are smart contracts and how do they work?
An example of an AI chatbot conversation about smart contracts and their functionality.
What are smart contracts and how do they work?
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They run on blockchain technology.
Can you give me an example of how a smart contract is used?
Sure! For instance, in real estate, a smart contract can automate the transfer of property ownership once payment is confirmed.
What are the benefits of using smart contracts?
Benefits include increased transparency, reduced costs, and faster execution since they eliminate the need for intermediaries.
Are there any risks associated with smart contracts?
Yes, risks include coding errors, lack of legal clarity, and potential security vulnerabilities in the underlying blockchain.
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