Accuracy: Smartcontracts are based on the requirement that all the terms and conditions are recorded explicitly.
Transparency: The Smartcontract build trust and transparency between two parties by using blockchain technology that it minimizes the dispute cases to zero. The possibility of a disagreement is avoided by the certainty and lack of between-the-lines terms in a smartcontract.
Record keeping: The blockchain stores all smartcontract transactions in chronological order and makes them accessible, along with the full audit trail. To provide complete secrecy, the parties involved can be safeguarded cryptographically.
Fraud-less: Identification and decrease of fraudulent activities. The blockchain stores smart contracts. It is extremely difficult to forcefully alter the blockchain since it requires a lot of compute. A smartcontract breach can also be discovered by network nodes, and in that case, the attempt is flagged as invalid and not recorded in the blockchain.
Fault-tolerance: Because no single person or organisation controls the digital assets, one-party dominance and situations in which one part pulls out do not occur. Additionally, because the platform is decentralised, the contract is still in place even if one node disconnects from the network.
Increased trust: Smartcontracts are automatically carried out and upheld. These agreements are also unchangeable, unbreakable, and incontrovertible since they are immutable.
Cost-efficiency: The use of smartcontracts reduces expenses by doing away with the necessity for middlemen (brokers, attorneys, notaries, witnesses, etc.). reduces paperwork as well, saving money and producing less waste.
