Smart Contract
What is Smart Contract
In a smart contract, the conditions of the agreement between the buyer and seller are directly encoded into lines of code, making it a self-executing contract. The agreements and underlying code are spread throughout a decentralized blockchain network. Transactions are traceable and irreversible, and the code regulates their execution.
Without the need for a centralized authority, a legal system, or an external enforcement mechanism, smart contracts enable trusted transactions and agreements to be made between dispersed, anonymous parties.
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