Entity: SMART-CONTRACT
A smart contract is a computer program or transaction protocol that automatically executes, controls, or documents events and actions based on the terms of a contract or agreement, reducing the need for intermediaries.
Smart Contract
Etymology
The term 'smart contract' originated from the concept of self-executing contracts in computer programs.
Definition
A smart contract is a computer program or transaction protocol that automatically executes, controls, or documents events and actions based on the terms of a contract or agreement.
Historical Context
Smart contracts have evolved with the rise of blockchain technology, enabling secure automation and decentralization of various transactions.
Cultural Significance
Smart contracts have revolutionized the way agreements are made, reducing the reliance on trusted intermediaries like banks.
Related Concepts
Smart contracts are closely related to blockchain technology, decentralized finance, and digital agreements.
See Also
A digital contract stored on a blockchain that automatically executes when predetermined terms and conditions are met.