What is a Smart Contract?

Smart contracts are autonomous programs stored on blockchain networks that automatically execute agreements when predefined conditions are met, eliminating the need for intermediaries and traditional enforcement mechanisms.

These digital protocols use cryptographic code to verify, execute, and enforce negotiated terms, creating trustless transactions that are transparent, immutable, and resistant to manipulation or fraud.

By removing middlemen and automating processes, smart contracts dramatically reduce costs, minimize delays, and eliminate potential points of failure that exist in traditional contract systems, making transactions more efficient and accessible.

Their applications extend across industries including finance, insurance, real estate, and supply chain, where they're transforming operations by streamlining complex processes, reducing paperwork, and creating new business models.

As the foundation of decentralized applications (dApps), smart contracts represent a paradigm shift in how we conceptualize agreements, offering a future where transactions are programmable, predictable, and provably fair for all participants.