What are smart contracts?

Smart contracts are self-executing digital agreements that run on blockchain technology. These contracts are programmed to automatically facilitate, verify, or enforce the negotiation and performance of a contract without the need for intermediaries. Smart contracts contain cryptographic code and operate based on predefined rules and conditions agreed upon by the parties involved. They ensure transparency, efficiency, and security by eliminating the need for intermediaries and enabling the direct transfer of assets or information. Smart contracts are used in various fields such as finance, supply chain management, real estate, and more, offering a decentralized and trustless system for executing transactions and agreements.

This mind map was published on 17 November 2023 and has been viewed 113 times.