Smart contracts, an algorithm-based agreement using cryptographic and tamper-proof code logic, are emerging as an alternative to traditional brand-reputation-based agreements, which inherently carry counterparty risks. Unlike traditional contracts where trust is placed on an institution's brand, smart contracts execute automatically based on predefined parameters, removing the need for trust between parties. This is particularly significant in emerging markets where regulatory frameworks are less mature, and large institutions are more prone to defaulting. The podcast by Real Vision featuring Chainlink co-founder Sergey Nazarov discusses how blockchain and Chainlink oracles can minimize counterparty risks and create fair, transparent, and efficient digital agreements. The narrative highlights the limitations of brand-backed agreements, illustrated by historical instances of financial crises where traditional access to assets was restricted, prompting a rise in the use of Bitcoin. Smart contracts return control to users and ensure transparency and reduced counterparty risk, potentially transforming financial systems by encouraging the development of decentralized finance applications (DeFi) and innovative financial products. This transformation is likened to the innovation wave brought by internet companies, suggesting a future where modular smart contract systems foster new financial ecosystems.