Smart Contract is a digital form of a traditional contract. It is a solution that guarantees that all types of interpersonal transactions can be beneficial to all interested parties, regardless of the level of trust. Smart Contract enables transactions in a secure manner and without interference from third parties. Transactions authenticated with it cannot be canceled.
The advantage of Smart Contract over the traditional form of the contract is that it provides simplicity, speed of transaction processing and real-time update. Smart Contract is characterized by autonomy and accuracy of self-fulfillment - which in practice means that there is no delay in providing information.
Smart Contract is the next step in the development of blockchain technology. This is an innovation that aims to move away from the financial transaction protocol, offering a universal tool instead. Smart Contract automatically introduces and enforces meeting the contract conditions, thus minimizing the risk of errors and manipulation.