The internet is buzzing over recent developments in decentralized finance, or DeFi — smart contracts are hotter than ever. You might think you missed the coronation ceremony, but smart contracts are actually used in only a small corner of the crypto world, albeit a corner worth billions of dollars. It’s a promising concept that has gone widely unused in the business world.
Despite the headlines and in spite of crypto-cloistering, smart contracts are not overhyped. The ability to execute secure and complex business transactions is a barrier that keeps plenty of people out of business altogether. Moreover, every major company in the world would jump at a meaningful chance to reduce expenses, due to the endless legal fees involved with business transactions. Although tedious and expensive, unknown business partners must develop a sense of trust between each other to ensure the fulfillment of contracted work. Smart contracts can streamline this process and lower costs for everyone.
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