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Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of an agreement.
Smart Contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Proponents of
Smart Contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim of
Smart Contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented
Smart Contract service models. A
Smart Contract not only describes the rules and penalties related to an agreement in the same way that a traditional contract does, but it can also automatically enforce those responsibilities.
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