What is a Smart Contract?
WHAT IS A SMART CONTACT?
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 across a distributed, decentralized blockchain network.
The code controls the execution and transactions are trackable and irreversible.
What You Need To Know
Smart contracts are self-executing with the terms of the agreement between buyer and seller being directly written into lines of code.
• Smart contracts render transactions traceable, transparent and irreversible.
• Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system or external enforcement mechanism.
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