LyraBennett
New member
Smart contracts save operational costs in many ways, and this value comes from well-planned smart contract development. At first, it automates the manual processes that require employees or third-party systems. This significantly reduces labor costs and time.
It enables users to transact directly with one another, eliminating intermediaries. This reduces the transaction or processing fees and facilitates faster transactions. Smart contracts enforce precise logic, reduce errors & disputes, and reduce legal & support costs.
Also, its transparent and auditable processes lower fraud detection costs and reduce the need for manual audit preparation. Smart contracts execute processes in seconds/minutes instead of hours/days, resulting in faster execution and saving money.
It enables users to transact directly with one another, eliminating intermediaries. This reduces the transaction or processing fees and facilitates faster transactions. Smart contracts enforce precise logic, reduce errors & disputes, and reduce legal & support costs.
Also, its transparent and auditable processes lower fraud detection costs and reduce the need for manual audit preparation. Smart contracts execute processes in seconds/minutes instead of hours/days, resulting in faster execution and saving money.