Definition ∞ Decentralized agreements are contractual arrangements executed and enforced automatically by code on a blockchain, without the need for a central authority or intermediary. These agreements, often implemented as smart contracts, are immutable and transparent, ensuring all parties adhere to predefined conditions. They enable trustless interactions and automated processes across various applications. Such arrangements reduce counterparty risk.
Context ∞ Decentralized agreements are a foundational element of the decentralized finance ecosystem, enabling a wide array of automated financial services. News frequently discusses innovations and security audits related to smart contracts, as their integrity is paramount. Legal and regulatory frameworks are gradually adapting to the unique nature of these agreements, addressing issues of jurisdiction and enforceability. Their ongoing development is central to the expansion of autonomous digital asset applications.
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