A Smart Contract is a computer protocol that can be used to facilitate, verify, or enforce the negotiation of a contract. The general goal of a smart contract is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
Smart contracts were first proposed by Nick Szabo in 1994 and implemented in 1996 by cryptographer and legal scholar Ian Grigg. The term is a reference to the contract that is made between two parties who do not know each other.The idea behind smart contracts is that the terms of an agreement are recorded in a computer language as logic instructions on an immutable distributed ledger (such as Bitcoin). The instructions are carried out automatically without any human intervention once certain conditions are met.
Smart contracts are self-executing contracts that are coded to be executed on the blockchain. They work as a digital system of transferring value and assets between two parties without the need for any intermediaries. Smart contracts can be programmed to execute certain actions when a certain condition is met.
Smart contracts are programs that are self-executing, meaning that the code is written in such a way that it will execute automatically when certain conditions are met. They can be used to facilitate the exchange of money, property, shares or anything of value.
A smart contract is a computer protocol that facilitates, verifies, or enforces the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. A smart contract is an agreement between two parties that is stored in digital form and can be automatically executed by a computing system based on the terms of the agreement.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The idea behind smart contracts is to provide greater security in transferring money and assets
Smart contracts are self-executing contractual agreements between two or more parties. The purpose of a smart contract is to provide security, trust, and automation in the execution of an agreement. Smart contracts are made up of code that defines all the rules and penalties around an agreement. They can be used to execute a variety of business logic such as: financial transactions, asset management, supply chain management and even voting systems.