Smart Contracts

What are Smart Contracts?

Consider them as coded, self-executing contracts that are kept on a blockchain.

How they Function:

Agreement in Code: The terms and conditions of an agreement are converted into lines of code. Consider it analogous to constructing a complex handshake in which every action (such as payment, delivery, etc.) automatically initiates the following one.

Blockchain Immutability: Next, this code is kept on a blockchain, which is a distributed, secure ledger. Since it's almost hard to change once it's recorded, trust and openness are guaranteed.

Automatic Execution: The smart contract automatically carries out the code's specified operations when certain criteria are satisfied (such as receiving payment or having the item delivered). No need for human verification or middlemen.

The advantages of smart contracts

Applications of Smart Contracts Examples: