A Smart Contract is a contract that uses blockchain technology to create an immutable record of the terms and conditions between two or more parties. Once created, a Smart Contract can track all interactions between parties, including the transfer of money or other assets.
This makes them ideal for use in legal contracts, as well as for implementing complex business processes. Smart contracts are a type of computer protocol that facilitate, verify, and enforce the negotiation and performance of agreements between parties.
They are decentralized applications that run on a blockchain, which is an electronic database that allows for transparent, secure, and tamper-proof transactions. Enterprises in blockchain development are investigating how smart contracts can be used to streamline business processes and improve transparency and trust.
They believe that smart contracts can improve efficiency and security, reduce costs, and create new opportunities for growth.