A blockchain smart contract is a self-executing contract with the terms of the agreement directly written into code. Smart contracts automatically enforce, verify, and execute the terms of a contract when predefined conditions are met, without the need for intermediaries.
- Automation: Smart contracts automatically execute actions when specified conditions are met. This reduces the need for manual intervention and intermediaries.
- Immutability: Once deployed on the blockchain, smart contracts cannot be altered. This ensures that the terms of the contract cannot be tampered with or changed.
- Transparency: The code of the smart contract and its execution are visible on the blockchain, providing transparency to all parties involved.
- Security: Smart contracts are secured by the underlying blockchain technology, which uses cryptographic techniques to ensure data integrity and prevent tampering.
- Trustlessness: Parties do not need to trust each other or a central authority. They only need to trust the code, which will execute as written.
