Understanding Smart Contracts: What Are They?

[SimonLucero]

Blockchain technology seems complex. I’ve heard about smart contracts but don’t fully understand them. Can someone explain what smart contracts are and how they function?

[AlexxGron]

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts automatically enforce and execute the terms of the agreement so that all participants can be immediately certain of the outcome, without intermediary’s involvement or time loss. They are used to automate the execution of an agreement so that everyone is clear about the outcome without any intermediary involvement. For a deeper look into how smart contracts work and their applications in various industries, this article is a great resource: https://paybis.com/blog/glossary/what-a ... contracts/ It provides a comprehensive explanation of their mechanisms and benefits.

[derikad]

It is great
thanks for this topic