Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They are designed to facilitate, verify, and enforce the negotiation or performance of a contract.

The future of smart contracts looks bright, as they have the potential to revolutionize the way that contracts are created and executed. There are several key ways in which smart contracts could shape the future:

1. Increased efficiency: Smart contracts can automate many of the tasks that are typically associated with traditional contracts, such as the execution of payments and the transfer of assets. This can help to streamline processes and reduce the need for intermediaries, which could save time and money.
2. Increased transparency: Smart contracts are stored on a public ledger, which means that they are transparent and can be easily audited. This can help to increase trust and accountability, and could help to reduce the risk of fraud or errors.
3. Increased accessibility: Smart contracts can be created and executed by anyone with an internet connection, which means that they are accessible to a wide range of people and organizations. This could help to democratize the process of creating and executing contracts, and could allow more people to participate in the global economy.
4. Increased security: Smart contracts are secured by the blockchain, which makes them resistant to tampering and fraud. This can help to increase security and reduce the risk of losses or disputes.

Overall, the future of smart contracts looks bright, as they have the potential to revolutionize the way that contracts are created and executed, and could have a significant impact on a wide range of industries. While there are still challenges to be overcome, such as the need for better regulation and the need to address scalability issues, the potential benefits of smart contracts make them an exciting development in the world of technology.