As programmable code, smart contracts are highly customizable and can be designed in many different ways, offering many kinds of services and solutions.

As decentralized and self-executing programs, smart contracts may provide increased transparency and reduced operational costs. Depending on the implementation, they can also increase efficiency and reduce bureaucratic expenses.

Smart contracts are particularly useful in situations that involve the transfer or exchange of funds between two or more parties.

Reference:

_{Binance Academy. 2020. What Are Smart Contracts? | Binance Academy. [online] Available at: <https://academy.binance.com/en/articles/what-are-smart-contracts> [Accessed 26 November 2020].}