Self-executing contracts, also known as smart contracts, are digital agreements that automatically enforce and execute the terms written within them. They operate on blockchain technology, which ensures transparency and security. Once the conditions of the contract are met, the contract executes itself without the need for intermediaries, reducing the risk of disputes and delays. These contracts are commonly used in various applications, such as financial transactions, supply chain management, and real estate. By automating processes, self-executing contracts can save time and costs while increasing efficiency and trust among parties involved in the agreement.