Smart Contract

A smart contract is a computer program that automatically executes the terms of an agreement when specific pre-programmed conditions are met. Unlike traditional contracts, smart contracts operate on a blockchain network, where they are stored and cannot be altered once deployed.

Considered by many a significant breakthrough in blockchain technology, smart contracts eliminate the need for intermediaries or brokers to oversee transactions. By automating the execution of contractual obligations, smart contracts offer a more efficient, secure, and transparent way of conducting business.

Smart contracts have numerous potential applications, from finance and real estate to supply chain management and intellectual property rights. They are particularly useful in situations where trust and security are critical, as they provide a tamper-proof and permanent record of transactions.

As blockchain technology continues to evolve, smart contracts are expected to play an increasingly significant role in many industries and applications.