What are Smart Contracts and how do they work?

[harperbrown]

Smart contracts are self-executing digital agreements that run on blockchain networks. Unlike traditional contracts, they do not require intermediaries such as lawyers or banks to enforce the terms. Instead, the rules and conditions are written in code and automatically executed once predefined conditions are met.

At their core, smart contracts ensure transparency, security, and efficiency. They are immutable, meaning once deployed on a blockchain, the code cannot be altered, reducing the risk .

• How Smart Contracts Work:
  
• Code Definition
  
• Deployment
  
• Trigger Conditions
  
• Automatic Execution
  
• Verification
  

Smart contracts are revolutionizing how agreements are made and executed. They reduce costs, speed up processes, and minimize human error, making them an essential building block for blockchain-powered systems.

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