A smart contract is a self-executing digital contract where the terms of the agreement are written into code and deployed on a blockchain. Once certain conditions are met, the contract automatically executes its terms without human intervention.
This technology removes the need for intermediaries, reducing costs and increasing the speed and reliability of transactions. It is widely used in decentralized finance, supply chain management, and various automated applications.
Smart contracts ensure that all parties adhere to agreed-upon rules, fostering trust and efficiency in digital transactions.
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