## 5 Decentralized Decision-Making
### Decentralized Decision-Making Mechanisms
#### 5.3.3 Smart Contracts and DApps  
A novel use of blockchain technology, smart contracts, let distributed decision-making procedures be automated. Stored on a blockchain, these self-executing contracts are designed with pre-defined rules and conditions and automatically run when those criteria are satisfied. By enabling trustless and open agreements among parties, smart contracts reduce the need for middlemen, such as attorneys or escrow services. Once implemented on the blockchain, smart contracts are one of the main characteristics that enable their execution free from human involvement. By guaranteeing objective and unbiased application of contractual requirements, this automation helps to lower the danger of conflict or fraud. Smart contracts give a great degree of dependability and assurance since their results will be carried out exactly as decided upon. This helps parties in economic transactions. Smart contracts let a lot of applications be made in many sectors. Smart contracts may be applied in finance to automate loans or in insurance payouts, depending on preset criteria like time triggers or external data inputs like payments. Once products are delivered and confirmed by a reputable third party, a smart contract may, for instance, immediately transfer money to a supplier. Smart contracts have the ability to optimize several aspects of supply chain management, including product tracking, authentication, and payments. Smart contracts can increase the efficiency, risk management, and transparency of supply chain operations by utilizing blockchain technology to record each stage of the supply chain and automatically disburse payments depending on specified milestones [68]. Smart contracts have the capacity to fundamentally transform the process of drafting, executing, and enforcing contracts in the legal industry. Smart contracts enable the conversion of legal agreements into executable code, guaranteeing that contractual obligations are clear, unchangeable, and capable of being enforced. Implementing this might optimize contract negotiating procedures, decrease legal expenses, and mitigate the potential for conflicts resulting from unclear contract wording [69]. Blockchain technology and smart contracts provide unique solutions for the management and protection of intellectual property (IP) rights. Smart contracts have the ability to automate the process of registering and transferring intellectual property rights. This ensures that the records of ownership cannot be changed and can be easily accessed by anyone. This technology streamlines the process of licensing patents, trademarks, and copyrights by automatically enforcing the terms of agreements and distributing royalties based on usage metrics recorded on the blockchain. This not only simplifies the administration of intellectual property (IP) but also decreases the likelihood of infringement and illegal use. It establishes a strong system for creators and rights holders to protect their intellectual property [70]. Blockchain technologies and smart contracts taken together may also revolutionize the gaming industry. These technologies let players securely and honestly own and exchange digital objects, therefore enhancing the management of in-game resources. Smart contracts guarantee players may have faith in the authenticity and scarcity of their digital possessions by allowing the automation of transactions and ownership transfers for in-game products. Blockchain technology can also provide distributed gaming platforms allowing direct connection between players and producers, therefore removing reliance on centralized businesses and promoting a fairer sharing of income. Blockchain technology and smart contracts may completely change real-estate market property transactions in the future. They provide a clear, safe, and quick system for entering property titles and enabling trades.