Smart Contracts

A smart contract is a self-executing contract with the terms of the agreement directly written into code. These contracts automatically execute and enforce themselves when predetermined conditions are met. They run on blockchain networks, such as Ethereum, and eliminate the need for intermediaries like lawyers or banks, as the code itself enforces the contract terms.

  +-------------------------------------+
  |                                     |
  |          Smart Contract             |
  |                                     |
  |   Conditions                        |
  |   for Execution                     |
  |                                     |
  +-------------------------------------+
              |
              |    When Conditions are Met
              |    (e.g., Payment Received)
              v
  +-------------------------------------+
  |                                     |
  |         Automatic Execution         |
  |            of Contract              |
  |                                     |
  +-------------------------------------+