Smart contracts are an integral part of blockchain technology. They automatically execute transactions and record information onto the ledger without human intervention.
Conditions of smart contracts are mutually agreed on by network members. They’re a key component for establishing trust and efficiency between parties.
Smart contracts eliminate essentially all the paperwork, streamlining the entire process and saving time and money.
To help you learn more about smart contracts, Nigel Gopie, PhD, the IBM Food Trust Global Marketing Leader - IBM Blockchain, has written a blog post that explains smart contracts in more detail.