Smart Contract
Also known as: Self-executing Contract, Automated Contract, Blockchain Contract, Code-based Agreement
A smart contract is a self-executing agreement with terms written directly into blockchain-based code.
Smart contracts are self-executing digital agreements with terms written directly into blockchain code. They run on decentralized networks and trigger actions automatically when specific conditions are met—eliminating the need for intermediaries.
Often used in cryptocurrencies and decentralized finance (DeFi), smart contracts power applications on platforms like Ethereum. They improve security, reduce costs, and enable automated peer-to-peer transactions in sectors like finance, supply chain, and digital identity.