Smart Contract

A smart contract is a self-executing contract with terms directly written into code. These contracts enforce and execute terms automatically when predefined conditions are met. They reduce the need for intermediaries and minimize human error risk.

Ethereum, Hyperledger Fabric, and EOS are significant blockchain platforms for smart contracts. Smart contracts manage transactions, verify contract fulfillment, and enforce agreements in industries like finance, supply chain, and healthcare.

For instance, in finance, a smart contract can release funds once a loan’s terms are met. In supply chain management, it tracks goods and triggers payments upon delivery confirmation. In healthcare, it ensures patient data confidentiality while automating insurance claims.