What is smart contract?

A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. They are stored and executed on a blockchain, ensuring transparency, immutability, and security. Key Features of Smart Contracts are:

• Self-Executing: The code within the smart contract automatically enforces and executes the terms of the agreement when predefined conditions are met. This eliminates the need for intermediaries or third parties.

• Transparency: The code and the transactions executed by the smart contract are visible to all participants on the blockchain. This ensures transparency and trust among the parties involved.

• Immutability: Once deployed on the blockchain, a smart contract cannot be altered. This immutability ensures that the terms of the contract cannot be tampered with, providing security and reliability.

• Security: Smart contracts leverage the cryptographic security of the blockchain, making them resistant to fraud and hacking attempts.

• Decentralization: Smart contracts operate on decentralized blockchain networks, reducing the reliance on a central authority or single point of failure.