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Smart Contracts are self-executing contracts where the conditions of the deal between the buyer and the seller are directly encoded into lines of code. Typically, a distributed, decentralized blockchain network contains the code and the agreements therein. It is virtually impossible to shut down or hack a blockchain. With the help of smart contracts, businesses, governments, and individuals can trade shares and bonds with a specified value attached for money.
Self-executing digital contracts known as "Smart Contracts" allow for the direct transfer of assets between untrusted parties. Formal verification is made possible by smart contracts, helping to ensure there is no fraud and ensuring there is no misbehavior. These contracts can be made securely between peers using blockchain technology, free from intervention from outside parties.
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