Question

What are smart contracts?

Answer 1

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They are basically automated programs that run on blockchain technology and execute actions when certain conditions are met. Smart contracts help to facilitate, verify, or enforce the negotiation or performance of a contract, without the need for intermediaries.

Answer 2

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and facilitate the performance of credible transactions without the need for intermediaries. Smart contracts run on blockchain technology, ensuring security, transparency, and immutability.