Smart Contract

A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. The contract automatically enforces and executes the terms when predetermined conditions are met, without the need for intermediaries. Smart contracts run on blockchain platforms like Ethereum, ensuring that transactions are secure, transparent, and irreversible. They have a wide range of use cases, from decentralized finance (DeFi) to supply chain management and digital identity verification. For example, a smart contract could be used to automate a rental agreement, where the contract automatically releases payment to the landlord when the renter occupies the property.