A smart contract is a self-executing computer program that automatically enforces the terms of a contract when certain conditions are met. It is an integral part of blockchain technology, and is primarily used in cryptocurrencies such as Bitcoin and Ethereum.
Smart contracts are used to automate and facilitate transactions on the blockchain. They are designed to be tamper-proof and self-executing, meaning that once a smart contract is deployed on the blockchain, it cannot be modified or tampered with, and will execute as programmed.
Smart contracts can be used for a wide range of applications, including financial transactions, supply chain management, voting systems, and more. They are considered to be a more efficient and secure alternative to traditional contract mechanisms, as they eliminate the need for intermediaries and provide greater transparency and immutability.
