A smart contract is a contract that self-executes according to the terms of the agreement between the buyer and the seller that are written directly into lines of code.
The code and the agreements it contains exist on a distributed and decentralized blockchain network. Code controls execution, and transactions are traceable and irreversible.
Smart contracts enable transactions and agreements of trust between disparate and anonymous parties without the need for a central authority, legal system or external enforcement mechanism.
Although blockchain technology is considered the foundation of bitcoin, it has evolved far beyond cryptoassets.
👉 For more information, you can consult this article written by our experts which explains what a smart contract is in detail.
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