A smart contract—a digital agreement stored on a blockchain network and programmed to execute automatically when predetermined conditions are met. These self-enforcing contracts encode the agreement terms between seller and buyer directly into lines of code. Operating on a decentralized blockchain, smart contracts help several parties achieve collective outcomes promptly and accurately.
Smart contracts are not limited to a single condition. In fact, a single smart contract can include multiple conditions, showcasing their versatility. Furthermore, an application can utilize several smart contracts to support interconnected processes, demonstrating their potential in a variety of scenarios. Multiple languages, such as Ethereum's Solidity language, are available for programming smart contracts, one of the most popular