Another key application of blockchain technology is in the development of smart contracts. These are self-executing contracts with the terms of agreement between buyer and seller directly written into code that runs on the blockchain. Think of it like robot a robot lawyer that enforces agreements instantly and fairly. Or like making a deal with a friend but instead of a handshake and a promise, it’s written down in concrete.  

Smart contracts can automate processes and remove intermediaries, reducing costs and increasing trust between parties. They have the potential to revolutionise industries such as real estate, insurance, and supply chain management by streamlining processes and eliminating unnecessary paperwork.

Rather than relying on court systems to enforce contracts, smart contracts use the immutable nature of blockchain technology to ensure that all parties involved adhere to the terms and conditions set out in the contract. This not only saves time and money but also reduces the risk of fraud or disputes... you don’t have to trust the person, because you are trusting the code. Maths doesn’t lie.

However, the magic of smart contracts comes with a catch. Once the code runs, it can’t be reversed. That means if there’s a bug or mistake, there’s no “undo” button, making careful planning and testing essential. But as blockchain adoption grows, smart contracts continue to unlock a world where deals run themselves—faster, fairer, and without the usual friction.