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Most of the existing DeFi applications include the creation and implementation of smart contracts. While an ordinary contract uses legal terminology to define the terms of the relationship between entities, smart contracts use computer code.

Since their terms are written in computer code, smart contracts have the ability to enforce these terms, also with the help of computer code. This allows for the reliable implementation and automation of a large number of business processes that currently require manual supervision.

Using smart contracts is faster, easier and reduces the risk for both parties. On the other hand, they also introduce new forms of threats. Since computer code is prone to errors, the value and confidential information contained in smart contracts can be exposed to various attacks.

Most existing DeFi applications involve the creation and execution of smart contracts. While a regular contract uses legal terminology to define the terms of the relationship between the entities, smart contracts use computer code.

Because their terms are written in computer code, smart contracts have the ability to enforce these terms, also through computer code. This allows for reliable implementation and automation of a large number of business processes that currently require manual supervision.

Using smart contracts is faster, easier and reduces risk for both parties. On the other hand, they also introduce new forms of threats. Because computer code is prone to errors, the value and sensitive information contained in smart contracts can be vulnerable to various attacks.