Smart Contracts: Legally Binding Code Or Risky Experiment?
Smart contracts are revolutionizing how we conduct business and interact online. Imagine agreements that execute automatically, transparently, and without the need for intermediaries. This is the promise of smart contracts, and their potential impact spans industries from finance and supply chain to healthcare and real estate. Let's dive into the world of smart contracts and explore their functionality, benefits, and future applications.
What are Smart Contracts?
Definition and Core Concepts
Smart contracts are self-executing contracts written in code and stored on a blockchain. Think of them as digital agreements that automatically enforce their terms when predefined conditions are met. They are immutable, meaning they cannot be altered once deployed to the blockchain, ensuring transparen...