How does a smart contract work?

  • Smart contracts are digital contracts that follow a certain protocol. When a smart contract is developed, it is coded in with certain conditions that need to be fulfilled. If the conditions are met, then the smart contract executes itself. A smart contract cannot be altered as it works on blockchain technology.

    Transactions also are irreversible and are recorded permanently on the digital ledger. The Smart contract process needs to be handled by experts, in order to avoid unalterable mistakes in the code.

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