Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met .
They are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.
Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain.
- Safeguarding the efficacy of medication - Increasing trust in retailer-supplier relationship