Smart Contract

Short Description:

A user-defined piece of code which runs on the blockchain.

Main Description:

A smart contract is a user-defined piece of code that executes predefined conditions and actions without the need for intermediaries. Smart contracts ensure trust, transparency, and efficiency by automating processes, and reducing reliance on third parties. They are used to transfer value as part of decentralized applications (dApps) and enable complex financial interactions by defining rules, ownership, and the transfer of digital assets.