Smart Contracts

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. These contracts run on blockchain networks, ensuring that they are executed exactly as programmed without the need for intermediaries. The concept was first proposed by Nick Szabo in 1994, but it gained significant traction with the advent of blockchain technology, particularly Ethereum. Smart contracts represent a significant innovation in how agreements are executed and enforced, offering enhanced security, efficiency, and transparency across various industries. As blockchain technology continues to evolve, the capabilities and applications of smart contracts are likely to expand even further, paving the way for new business models and processes.