Digital Contract
A smart contract is a self-executing agreement where the terms between buyer and seller are encoded directly into lines of code. This code and the associated agreements are maintained across a decentralized blockchain network.
Project Overview
Smart contracts are self-executing code where the terms of an agreement between buyer and seller are automatically verified and enforced through a computer network.
Nick Szabo, an American computer scientist who introduced the concept of 'Bit Gold' in 1998, defined smart contracts as computerized transaction protocols that automatically execute the terms of a contract.
Smart contracts deployed to blockchains render transactions traceable, transparent, and irreversible.
Solution Delivered
Smart contracts enable secure transactions and agreements between diverse, anonymous parties without relying on a central authority, legal system, or external enforcement. Although blockchain technology is often associated with Bitcoin, it has evolved to support a wide range of applications beyond just virtual currency.
Challenge Points
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