Smart Contract

Smart Contract is an automated, autonomous computer program that runs on blockchain technology to enforce the terms of a contract.
Blockchain Technology:
Smart Contracts are often implemented on blockchain platforms such as Ethereum, Binance Smart Chain and Polkadot. Blockchain allows smart contracts to be stored securely and immutably.
Self-Enforcement:
Smart contracts are designed to operate independently without the need for third-party intermediaries. When certain conditions are met, the smart contract automatically performs the established actions.
Contract Conditions:
Smart Contracts can include a variety of contract terms, such as payments, deliveries, deadlines, penalties for late performance, and even external events that affect the contract.
Source Code:
Smart Contracts are written in the form of source code, most often in languages such as Solidity for Ethereum. The code defines the contract’s logic, conditions and actions to be taken.
Security and Immutability:
Thanks to blockchain technology, smart contracts are secure and immutable. Once a contract is created, it cannot be changed, giving participants confidence in its enforcement.
Applications:
Smart Contracts have a wide range of applications, covering areas such as finance (DeFi), real estate, supply chain delivery, video games, voting systems, copyright management and many others.
Transparency:
Smart Contracts are typically publicly available on the blockchain, meaning that their source code and history of executed actions are transparent to all stakeholders.
Limitations:
Despite their advantages, smart contracts also have some limitations, such as the difficulty of handling data from outside the blockchain or the need for precise wording of terms and conditions.
Development and Innovation:
The field of smart contracts is developing rapidly, with new innovations and standards being introduced to make them more efficient, flexible and secure.
Smart Contracts are a key component of blockchain technology, allowing automation and secure enforcement of contracts, eliminating the need for intermediaries and improving the efficiency and transparency of transactions.