Smart Contracts
Definition Smart Contracts are self-executing contracts where the terms of the agreement or conditions are directly written into lines of code. They reside on a blockchain network and automatically execute or enforce the agreement once predetermined conditions are met. This can include transferring assets, issuing payments or updating records—all without the need for an intermediary, resulting in increased efficiency and reduced fraud risk. Components of Smart Contracts Code Base: Smart contracts are constructed using specific programming languages suited for blockchain technologies, such as Solidity for Ethereum.