Smart Contract

What is 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. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

Why It Matters

• It automates the execution of agreements without the need for a central authority or legal system.

• It reduces the risk of manipulation or error by ensuring that the contract only executes when conditions are met.

• It lowers transaction costs by removing intermediaries from the contracting process.