What is a Smart Contract??

Lesson 3


Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code, and the agreements contained within the smart contract exist across a distributed, decentralised blockchain network. The code controls the execution, and transactions are trackable and irreversible An example of a smart contract could be programmed to release funds for someone's birthday each year. It could also be programmed to release payment once someone confirms receipt of delivered goods. It could also be used to enforce particular rights for holders of digital assets The most popular blockchain for running smart contracts is Ethereum. On Ethereum