Blockchain smart contracts are different from traditional legal contracts in several ways. Here are a few key differences:
Execution: Traditional legal contracts require human interpretation and enforcement, whereas smart contracts are self-executing and operate automatically based on predetermined rules encoded in the contract.
Intermediaries: Traditional legal contracts typically require intermediaries like lawyers or banks to ensure compliance, whereas smart contracts eliminate the need for intermediaries, reducing costs and increasing efficiency.
Trust: Traditional legal contracts rely on trust in the legal system and the parties involved, whereas smart contracts are built on trust in the technology and the decentralized network, which allows for greater transparency and security.
Immutability: Once a smart contract is deployed on the blockchain, it cannot be modified or tampered with, whereas traditional legal contracts can be subject to alteration or fraud.
Speed: Smart contracts can be executed almost instantaneously, whereas traditional legal contracts can take days, weeks, or even months to complete.
Overall, blockchain smart contracts offer a faster, more secure, and more transparent way to execute agreements, while reducing the need for intermediaries and increasing trust in the process.
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