30-second summary:
Smart contracts are self-executing contracts with the terms and conditions of the agreement between buyer and seller being directly written into lines of code. These contracts work on the blockchain, a decentralized database that ensures secure transactions. The benefits of smart contracts include transparency, immutability, and lower costs as intermediaries are eliminated. They also enhance security as the unalterable nature of the blockchain ensures the elimination of fraud. While smart contracts have shown tremendous potential in various sectors, their future holds a shift towards wider adoption and integration with other emerging technologies such as artificial intelligence and the Internet of Things.
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