Smart contracts are self-executing digital contracts that are programmed to automatically execute once specific conditions are met. These contracts are built on top of blockchain technology and enable secure and transparent transactions without the need for intermediaries.

The significance of smart contracts in blockchain technology lies in their ability to automate complex business processes and eliminate the need for intermediaries, such as lawyers or notaries. This can lead to significant cost savings and increased efficiency in various industries, including finance, real estate, and supply chain management.

Smart contracts also enable trustless transactions, meaning that parties can engage in transactions without having to trust each other. This is because the contract's rules are enforced by the blockchain network, which is decentralized and transparent.

Smart contracts are self-executing programs that run on blockchain networks, enabling automated, trustless agreements between parties. Their significance lies in removing the need for intermediaries, reducing costs, and increasing transaction speed and transparency. Once conditions are met, smart contracts execute automatically, ensuring accuracy and minimising the risk of fraud or human error. They are immutable and tamper-proof, meaning once deployed, the code cannot be altered. This enhances security and builds trust among users. Smart contracts power decentralised applications (dApps), decentralised finance (DeFi), NFTs, and other blockchain innovations. They also support use cases beyond finance, including supply chain, real estate, and healthcare. Overall, smart contracts are foundational to making blockchain a programmable and reliable infrastructure for digital agreements.