Smart contracts: The key to a fairer and more sustainable digital economy

Smart contracts are digital agreements that are automatically executed when pre-established conditions are met. These contracts are based on blockchain technology, which is a decentralized and secure network that records and verifies all transactions carried out on it.

Smart contracts have the potential to transform the way we do business, exchange goods,  services and manage resources. Some of the advantages they offer are:

• Security: Smart contracts are stored on the blockchain, making them immutable and resistant to manipulation, fraud or censorship. Furthermore, by not depending on intermediaries, the risk of non-compliance or corruption is reduced.
• Transparency: Smart contracts are visible to all parties involved and to anyone who has access to the blockchain. This facilitates the monitoring and verification of operations, as well as the resolution of possible conflicts or disputes.
• Efficiency: Smart contracts are executed automatically and without delays, saving time and money for the parties. Additionally, by eliminating the need for intermediaries, costs and commissions associated with traditional processes are reduced.
• Sustainability: Smart contracts can contribute to a fairer and more sustainable digital economy, by promoting financial inclusion, the democratization of access to resources, the energy transition and environmental protection.