Smart Contract:

A smart contract is a self-executing digital agreement acceptance that runs on a blockchain. It automatically enforces the terms when conditions are met, without needing intermediaries. This makes transactions faster, more secure, and cost-effective.

Self-Executing Agreements: Smart contracts are digital contracts that automatically execute and enforce the terms of an agreement without the need for intermediaries.

Blockchain-Based: They run on blockchain technology, which means they are secure, transparent, and immutable (cannot be changed after being created).

Automated Processes: Once the conditions of the contract are met, the smart contract automatically performs the agreed-upon actions, like transferring funds or assets.

Cost-Effective: By removing the need for intermediaries (like lawyers or banks), smart contracts reduce costs and speed up transactions.

Trustless Transactions: Because they are based on blockchain, the parties involved don't need to trust each other; they just need to trust the code of the contract.

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