Blockchain
Smart Contracts
Self-executing contracts with the terms of the agreement directly written into code.
Expanded definition
Smart contracts are automated, self-executing agreements that run on blockchain technology. They facilitate, verify, and enforce the negotiation and performance of contracts without the need for intermediaries. By providing a transparent and secure means of executing agreements, smart contracts reduce the risk of fraud and enhance efficiency in various sectors, including finance and supply chain management.
Related terms
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