Entity: SMARTCONTRACT
Smart contracts are self-executing contracts written in code that automate transactions without the need for intermediaries.
SMARTCONTRACT
Etymology
The term 'smart contract' originated in the field of computer science and cryptography.
Definition
A smart contract is a computerized transaction protocol that executes the terms of a contract, automating payment obligations or other transactions through code.
Historical Context
In 1993, Nick Szabo introduced the concept of smart contracts as self-executing contracts with the use of blockchain technology.
Cultural Significance
Smart contracts have revolutionized the way transactions are conducted, enabling secure and automated agreements without the need for intermediaries.
Related Concepts
- Blockchain technology
- Cryptocurrencies
- Decentralized networks
See Also
A smart contract is a computerized transaction protocol that executes the terms of a contract, automating payment obligations or other transactions through code.