Direct dealings with customers. Smart contracts eliminate the need for intermediaries and allow for transparent, peer to peer direct relationships with customers.
Resistance to failure. Since businesses aren’t dependent on a third party, no single person or entity is in control of data or money. Decentralization means that even if any individual leaves the blockchain network, the network will continue to function with no loss of data or integrity.
More trust. Business agreements are automatically executed and enforced. Plus, these agreements are immutable and therefore unbreakable.
Fraud reduction. Since smart contracts are stored in a distributed blockchain network, their outcome is validated by everyone in that network. Therefore, no one can force control to release other people’s funds or data, as all other blockchain participants would spot this and mark such an attempt as invalid.
Cost efficiency. Eliminating intermediaries removes additional fees, allowing businesses and their customers not only to interact and transact directly but also to do so with low to no fees for transactions.
Record Keeping. All contract transactions are stored in chronological order in the blockchain and can be accessed along with the complete audit trail.