Smart Contract

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Meaning of Smart Contract

Smart contract is an unalterable agreement stored on the Blockchain that has specific logic operations akin to a real world contract. Once signed, it can never be altered.

A smart contract can be used to define certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights. It is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions and these type of contracts are stored on Blockchains.

Examples of Smart Contract Blockchains are Ethereum, Ethereum Classic, Waves, NEO etc.

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