A smart contract is an automated contract that executes itself based on predefined conditions encoded within lines of code. These contracts operate on a decentralized blockchain network, distributing the code's execution and eliminating the need for intermediaries.
Connect & the Win Blockchain use smart contracts.
- Smart contracts are self-executing with the terms of the agreement between buyer and seller being directly written into lines of code.
- Smart contracts render transactions traceable, transparent, and irreversible.
- Smart contracts enable secure and trustworthy transactions and agreements to take place between different parties, even if they are anonymous and do not have a central authority or legal system overseeing them. These contracts eliminate the need for external enforcement mechanisms as they are self-executing and enforceable through the blockchain technology itself.