A smart contract, also called a cryptocontract, is a computer program that relies on the immutable nature of blockchain’s distributed ledger to bind two parties to an agreement. Once details of the contract are entered into the blockchain ledger, they cannot be erased, edited, or reversed. It directly controls the transfer of digital currencies or assets between parties under certain conditions.
Smart contracts are no less binding than their lawyer-initiated counterparts since they are irreversible and can be tracked on the Internet anytime for easy verification.
Other interesting terms…
