The term “smart contract” refers to a kind of contract that is produced with computer code rather than the conventional language used in legal documentation.
This pre-programmed contract has been set up in a such way that it essentially executes and performs its terms automatically in accordance with the criteria that have been stated by the developers.
When a smart contract is stored on a blockchain, both parties have the ability to verify the contract’s programming there is an agreement to it.
After that, they can sit back and relax knowing that the contract cannot be altered or tampered with in any way.
It enables two parties to reach an agreement on complicated issues without having to barrier of trust or engage any third parties.
The functioning of this feature is what distinguishes the Ethereum blockchain from other blockchains.
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