Smart Contract
Blockchain code executing agreements automatically when conditions are met.
Detailed Description
Smart Contract
What is a smart contract?
A smart contract is a self-executing contract with terms written in code that runs on blockchain technology.
What are the key features of smart contracts?
Smart contracts are immutable, autonomous, and offer transparency, ensuring trust among participants.
How do smart contracts execute transactions?
They execute transactions automatically when predefined conditions are met, recording the execution on the blockchain.
What are some benefits of using smart contracts?
Benefits include cost reduction, enhanced efficiency, and increased transparency, reducing the risk of fraud.
What challenges do smart contracts face?
Challenges include coding complexity, legal ambiguity, reliance on accurate data, and scalability issues.