Firstly, What is a smart contract? According to Investopedia, A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. Now let us take for instance a situation where not only one person is in charge of spending money for a cooperate business what then happens? A multi-signature wallet often referred to as a multi-sig wallet is a smart contract that allows multiple signers to review and reach an agreement for an action on the blockchain before it is executed or carried out. A multi-sig wallet could be used to manage Ethereum as it would require signatures from x of Y signers before a transaction can be executed, It is often referred to as one of the types of decentralized governance.

Here are some of the advantages of multi-signature wallets.

1. Multisig makes cyberattacks difficult by increasing the number of potential failures points that hackers encounter.
2. A multi-signature wallet helps to get rid of security concerns that come with a single private key system
3. A multi-signature wallet reduces the dependency on one device

Below is the link to a multi-sig wallet smart contract on GitHub