The underlying framework and programming capabilities that enable the creation and execution of self-executing agreements on a blockchain. This technology allows for the automation of contractual terms, where the conditions of an agreement are directly written into code and executed without intermediaries. Smart contract technology forms the backbone of decentralized applications (dApps) and decentralized finance (DeFi), providing a trustless and transparent method for value exchange and process automation. It represents a fundamental shift in how agreements are formed and enforced digitally.
Context
Smart contract technology is a foundational element in nearly all blockchain and digital asset news, driving innovation across decentralized finance, NFTs, and supply chain management. Discussions often center on the security of smart contracts, the development of more efficient programming languages, and the legal implications of automated agreements. The continuous evolution of this technology is critical for expanding the utility and adoption of blockchain-based systems.
Implementing the DTA standard for on-chain fund management drastically reduces settlement friction, enabling composable financial products and superior capital efficiency.
UBS leverages smart contracts to automate fund order-taking, execution, and settlement, drastically reducing operational friction and processing latency across its asset management division.
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