Smart Contracts: An Overview

[Alex077]

Blockchain technology has significantly changed the entire cryptographic space. Its key features are simplicity, decentralization, security, and immutability. It is these qualities that have brought technology great popularity. However, there is one more thing that has heightened public interest in technology - the lack of intermediaries in financial transactions. Mostly, this is the merit of smart contracts, which allow you to save time and make transactions faster, more cost-effective, and more efficient.
What is a smart contract?
Smart Contract is a computer protocol designed to digitally verify or enforce contract terms. The phrase "Smart Contract" was first coined in 1994 by Nick Szabo, an American cryptographer, and computer scientist.

Smart contracts help people use their assets securely in an open, conflict-free, blockchain-based ecosystem. Smart contracts are created and deployed at the top of the blockchain. In other words, they are automated digital versions of traditional real-world contracts....https://hackernoon.com/smart-contracts-an-overview-q52t34pb