What is a smart contract?

A smart contract is a computer program that automatically executes the terms of a contract when certain conditions are met. It is a self-executing contract that runs on a blockchain network and eliminates the need for intermediaries. Smart contracts are decentralized, transparent, and immutable, which means that they cannot be altered once they are deployed on the blockchain. They enhance trust and security by providing a tamper-proof and auditable way to conduct transactions. Smart contracts have a wide range of applications, including supply chain management, governance systems, insurance, and real estate transactions.

This mind map was published on 18 April 2023 and has been viewed 70 times.