What are the benefits of using smart contracts in blockchain development?

Smart contracts offer several benefits in blockchain development:

1. Automation: They automate the execution of predefined actions when certain conditions are met, eliminating the need for intermediaries.

2. Transparency: Smart contracts are stored on a public blockchain, making them transparent and accessible to all participants.

3. Cost-efficiency: By removing intermediaries and automating processes, smart contracts reduce operational costs associated with traditional contracts.

4. Accuracy: Smart contracts execute transactions precisely as programmed, reducing the risk of human error.

5. Global Reach: Smart contracts enable transactions across borders without the need for intermediaries, fostering global trade.

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