Blockchain and smart contracts
by SMEBOOK (admin) · March 1, 2020
A smart contract is a digital protocol that is used to facilitate, verify, and enforce the agreement between seller and buyer in a self-executing format to negotiate or perform the provisions of the contract. It allows the conflict-free and transparent execution of credible transactions such as property, money, shares, and anything carrying specific value in terms of money. No middle-man is needed in this system. All the terms are written as a line of code that exists across the decentralized as well as distributed blockchain network. The code controls everything and allows the execution of the contracts devoid of the need for a legal system or principal authority or external enforcement mechanism between anonymous parties.