Smart contracts can facilitate trustless collaborations between parties in a business ecosystem by providing a transparent and automated way to enforce agreements without the need for a trusted intermediary. These self-executing contracts are stored on a blockchain, ensuring immutability and transparency. By defining the terms and conditions of a business agreement in code, smart contracts can automatically execute actions when predefined conditions are met, eliminating the need for trust between parties. This can reduce the risk of fraud, disputes, and errors, ultimately streamlining business processes and increasing efficiency in a trustless manner.
