A smart contract is a programmable contract that automatically enforces and executes the terms and conditions defined within its code when predetermined conditions are met. Running on blockchain platforms such as Ethereum, smart contracts eliminate the need for intermediaries by using decentralized technology to ensure transparency, security, and trust. These contracts can handle a wide range of applications, from simple transactions to complex business processes, making them integral to decentralized finance (DeFi), supply chain management, and various other sectors. Once deployed, smart contracts operate autonomously, executing actions such as transferring funds or verifying compliance with contractual terms without human intervention, thereby reducing costs and minimizing the risk of errors or fraud.
