<ul data-eligibleForWebStory="true">Smart contracts revolutionize blockchain applications by enabling automatic and trustworthy agreements.These contracts reduce costs, improve efficiency, enhance security, and offer transparency benefits.Businesses in various sectors leverage smart contracts for real-time transactions and data security.Challenges include technical complexity, testing, regulatory hurdles, scalability, and upgradability issues.Adopting smart contracts involves partnership with specialists, rigorous testing, deployment, and ongoing support.