How do smart contracts work in Blockchain?

  • Smart contracts are a type of digital contract that is trackable and irreversible and can be performed without the need of a third-party within the blockchain. They can help you with a wide range of transactions, from the exchange of money to property.
    It works like any other contract or agreement in the real world, but once it’s built into the blockchain network, it becomes automated. All the information that was entered into the contract is executed without the need of human interference, meaning, the contract executes itself.