Smart Contract

Smart Contract

A smart contract is a self-executing computer program that runs on a blockchain and automatically enforces the terms of an agreement between parties without the need for an intermediary.

Smart contracts are written in code and stored on the blockchain, making them transparent, tamper-proof and verifiable. When predefined conditions are met, such as a payment or a specific date, the smart contract executes the agreed-upon actions which can include transferring digital assets, updating records or triggering other events. Smart contracts have applications in various fields including finance, supply chain management and legal agreements, offering efficiency, security and trust in decentralized transactions.

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