Smart Contracts are so important since it introduces a transparent way to do business. On the blockchain, the goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman. A smart contract scales down on formality and costs associated with traditional methods, without compromising authenticity and credibility

Some advantages of smart contracts are:

Security

Disintermediation 

Near real-time execution 

Transparency