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A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
Smart Contract & Ethereum Blockchain
A Smart Contract is a programmable contract that lives on Ethereum’s blockchain. It digitally verifies, facilitates, and enforces a contract between different parties, where certain actions or conditions can be pre-coded. This allows smart contracts to perform and verify any transaction without trusting in third parties. Smart contracts are suitable for any legal or high priority deeds such as land ownership transfer or company shares. Being digital and secured on a blockchain means that any data stored in the smart contract cannot be tampered with, and is far superior to the physical form of contracts as they cannot be easily destroyed, burned, or stolen.
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