Smart contracts have enabled us to develop new business models and foster business relationships built on technology-based trust. Based on blockchain technology, smart contracts inherently offer immutability, security, and transparency which differentiates them from traditional contracts, giving involved parties a credible mechanism to execute their business agreements with added cryptographic security.
The blockchain programs are new, complex, and highly experimental. Constant changes are expected in the development and security landscape, as new bugs and security risks are discovered, and new best practices are developed. However, with smart people putting their heads together to drive them, smart contracts are poised to transform the busienss landscape.