Smart contracts
Smart contracts are self-executing computer programs that store and execute the terms of an agreement automatically when predetermined conditions are met. They are stored on a blockchain, eliminating the need for intermediaries such as lawyers or banks, and ensuring that the rules of the contract are followed without manipulation, as the code is immutable once executed. How they work: Predefined conditions: The rules and terms of the contract are written in code. Automatic execution: When the conditions are met, the contract executes the actions automatically. For example, in an insurance contract, it can trigger a payment as soon as a predefined event (such as a delayed flight) is verified. Blockchain storage: Once a contract is executed on the blockchain, the information is recorded permanently and immutably, making it secure and transparent. Examples of applications: Financial transfers : Automatic execution of cryptocurrency transactions after verification o...