Smart Contract

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. This code and the agreements contained therein exist across a distributed, decentralized blockchain network. The key innovation of smart contracts is their ability to automatically enforce, manage, and execute an agreement without the need for intermediaries, once predetermined conditions are met. This immutability and transparency, guaranteed by the blockchain, ensure that all parties can trust the outcome without relying on a central authority.