What is the importance of Smart Contract_
                     What is the importance of 
Smart Contract?
What are Smart Contracts?
        After the launch of bitcoin there have been many interesting projects that have come 
out. Many of them with the aim of contributing new ideas and decentralized solutions to 
the centralized processes or applications that we use the most today. These types of 
mechanisms are known by the name of Smart Contracts. Its use implies the elimination 
of intermediaries in order to simplify processes and, consequently, save costs for the 
consumer. It is, as its name suggests, a smart contract. It is also known as a “crypto 
contract” .
What are Smart Contracts for?
     Smart Contracts are complex and their possibilities go beyond the transfer of assets. 
From legal proceedings to insurance premiums, crowdfunding agreements and financial 
derivatives. Smart Contracts or intelligent contracts have the power to disintermediate the 
legal and financial fields. Specifically, by simplifying and automating the routine and 
repetitive processes for which companies currently pay hefty fees to lawyers and banks

Smart Contracts: Advantages and Disadvantages
Blockchain -based smart contracts are helping make business and other transactions 
more secure, efficient, and profitable. Automating payment processes through Smart 
Contracts can, among other things, reduce overbilling and prevent fraud.
For example, the music industry could register ownership of its songs on the blockchain 
and then implement a smart contract to ensure payment is made when the music is used 
for commercial purposes. On the other hand, this mechanism could also benefit the 
automotive industry by storing available information on vehicle maintenance, accident 
and ownership history.
Advantages and disadvantages
Greater speed of processes : Smart Contracts are executed in automated processes. In 
most cases, as we discussed earlier, they can eliminate human involvement.
Reliability and accuracy : Once the relevant data is entered into the blockchain, it cannot 
be changed or deleted. If either of the two parties does not fulfill its obligations, the other 
will be protected by the conditions of the contract. Automated transactions also eliminate 
potential human error.
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