• Anubha Srivastava
• Dr. Sapna S

Smart contracts, a key innovation facilitated by blockchain technology, have gained significant attention in recent years due to their potential to revolutionize traditional contract processes. Smart contracts are self-executing contracts with predefined rules and conditions encoded within the blockchain. They enable automated and secure transactions without the need for intermediaries, reducing costs, enhancing efficiency, and improving transparency. The concept of smart contracts revolves around the automation of contractual agreements through computer code. By defining the terms, conditions, and actions within the code, smart contracts eliminate the need for manual execution and interpretation of contracts. These contracts are stored and executed on a blockchain, ensuring transparency, immutability, and trust. This abstract explores the concept of smart contracts and their application in blockchain technology. It discusses the underlying principles, benefits, challenges, and real-world use cases of smart contracts. In conclusion, smart contracts present a disruptive and transformative technology within the realm of blockchain. Their ability to automate and secure contractual processes has the potential to reshape industries by enhancing efficiency, transparency, and trust. However, challenges related to legal frameworks, technical scalability, and interoperability need to be addressed to unlock the full potential of smart contracts.

Smart Contracts, blockchain Technology, Insurance, decentralized, legal

"Application of Blockchain Technology In Smart Contracts- Opportunities and Challenges", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 9, page no.b490-b500, September-2023, Available :http://www.jetir.org/papers/JETIR2309152.pdf

"Application of Blockchain Technology In Smart Contracts- Opportunities and Challenges", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 9, page no. ppb490-b500, September-2023, Available at : http://www.jetir.org/papers/JETIR2309152.pdf