Cryptoasset Anti-Financial Crime Specialist (CCAS) Certification Practice Test

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What is a characteristic of smart contracts?

  1. They can adapt automatically to changing legal circumstances

  2. They are self-executing contracts with terms directly written into code

  3. They require constant human intervention

  4. They eliminate the need for any form of coding

The correct answer is: They are self-executing contracts with terms directly written into code

Smart contracts are distinctive because they are self-executing agreements where the terms of the contract are embedded directly within the code. This feature allows them to function autonomously once deployed on a blockchain platform. The use of code for the contract terms ensures precision and reduces ambiguity, as the execution is based solely on the programmed conditions, which are automatically enforced by the blockchain network without requiring human intervention. Additionally, smart contracts promote efficiency and security through their automated nature, minimizing the chances of manipulation or error that can arise from manual processes. This characteristic sets them apart from traditional contracts, which may require additional administrative work and oversight to fulfill contractual obligations.

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