What is a smart contract?
A smart contract in blockchain is an innovative way of digitally enforcing agreements between two or more parties. It is a form of contract that enables the secure, traceable, and transparent exchange of data, value, and assets.
The terms and conditions of the contract are encoded into the blockchain. Then, it executes the contract whenever the conditions are met without any external intervention to a distributed ledger.
What are the benefits of a smart contract?
Now that you know the basics, let’s look at some of the advantages of smart contracts:
Overall, smart contracts offer a number of benefits that make them an attractive option for businesses and individuals looking to simplify and streamline their transactions.