Smart Contract
January 14, 2023 |
permanent
Summary #
Definition one #
- 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.
- The code controls the execution, and transactions are trackable and irreversible.
Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
Definition two #
- A smart contract is a computer program designed to facilitate, verify and enforce an agreement.
- When implemented, a smart contract can very well replace the need for an attorney or a notary to sign a document which then can be upheld in the court.