Smart Contract

A smart contract is a self-executing contract, running on BlockChain network, consisting on the terms of the agreement between entities written as executable code. It allows the exchange assets in a transparent, conflict-free way while avoiding the services of a middleman or central authority.

Process:

  1. Smart contract is written with transparent terms and agreed by two parties.
  2. The contract is deployed on the blockchain network.
  3. The parties in contract can interact with it and execute it's terms.
  4. Once all terms of contract had been met, it's automatically executed and is considered complete.