What is a Smart Contract?

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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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