Smart contracts are a powerful tool used to automate transactions and enforce agreements. They are written in code, stored on the blockchain, and executed by network users.
What Is a Smart Contract on Blockchain?
A smart contract is part of blockchain technology—the same technology behind Bitcoin and other cryptocurrencies. It consist of digitized terms and conditions of crypto-based transactions.
Smart contracts are a high-tech solution to traditional contract management problems. Because terms execute automatically and the underlying code isn’t alterable.