What are some real-world use cases for smart contracts?
An example of an AI chatbot conversation about smart contracts and their applications.
What are some real-world use cases for smart contracts?
Smart contracts can be used in various sectors, including finance, supply chain, and healthcare. For example, in finance, they automate transactions and ensure compliance.
Can you give me a specific example in supply chain management?
Sure! In supply chain management, smart contracts can automate the payment process when goods are delivered, ensuring that payments are only made when conditions are met.
How do they ensure security and trust?
Smart contracts are stored on a blockchain, which is immutable and transparent. This ensures that all parties can trust the contract's execution without needing a central authority.
What are the challenges of implementing smart contracts?
Some challenges include legal recognition, integration with existing systems, and the need for accurate data inputs to trigger contract execution.
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