Smart Contract technology is the underlying concept behind blockchain technologies and distributed ledger technologies like Distributed Ledger Technology (DLT), which is the backbone of most recent smart contracts. The idea behind smart contracts is to automate the business process by using a smart contract. A smart contract is a program that runs on an Internet-connected computer network, with the terms and conditions of that contract being agreed upon before it is executed. Unlike conventional contracts, smart contracts run without a mediator between the buyer and seller, as is the case in conventional real estate business contracts.

Smart contract technology provides an alternative to traditional contracts by removing the need for a third party, which greatly reduces legal risk and makes smart contracts more feasible for businesses. Smart contracts can replace conventional business contracts by taking the pressure off both parties. Smart contracts can also increase speed and decrease the cost by reducing the time it takes for one party to enter into an agreement and then create a legally binding contract. By allowing multiple parties to enter into a legally binding agreement, smart contracts allow for greater accountability and dispute resolution. Smart contract technology is the wave of the future for business contracts.

Smart contract technology is used in many different areas of business. The main use cases for smart contracts are in information exchange and finance. Smart contracts allow companies to use a virtual setting to complete financial and transactional business. Smart contracts allow for more efficient and less costly real estate transaction processing, while providing buyers and sellers with a better understanding of the property they are buying. Smart contracts allow for easy transfer of ownership of assets through use of digital signatures and the Internet, which make them very desirable for asset transfers.