Smart contracts are selfexecuting contracts that run on blockchain technology from "summary" of Blockchain Technology Explained by Alan T. Norman
Smart contracts are a groundbreaking application of blockchain technology. These contracts are decentralized and automated, eliminating the need for intermediaries and third parties. They are designed to execute themselves automatically when certain pre-defined conditions are met. This feature makes them efficient, transparent, and secure. The concept of smart contracts was first proposed by computer scientist Nick Szabo in the 1990s. However, it was not until the advent of blockchain technology that smart contracts became a reality. Blockchain technology provides the perfect infrastructure for smart contracts to operate, as it ensures immutability, security, and decentralization. When a smart contract is created, it is deployed onto the blockchain network, where it is stored across all nodes in the network. This ensures that th...
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