📌 Smart Contract Summary
A smart contract is a computer program that runs on a blockchain and automatically carries out agreements when certain conditions are met. It removes the need for middlemen, as the contract’s rules are written directly into the code and cannot be changed once deployed. Smart contracts are transparent, so everyone can see the terms and check that they are followed.
🙋🏻♂️ Explain Smart Contract Simply
Imagine a vending machine. You put in money, choose a snack, and the machine automatically gives it to you if you have paid enough. There is no shopkeeper involved because the rules are built into the machine. A smart contract works in a similar way, but it uses computer code and lives on the internet.
📅 How Can it be used?
Smart contracts can automate payments in a freelance job platform, releasing funds when work is approved by both sides.
🗺️ Real World Examples
In a crowdfunding platform, smart contracts can hold the money raised until a project reaches its funding goal. If the goal is met, the contract releases the funds to the project creator. If not, the contract automatically refunds the contributors without any human intervention.
For digital art sales, smart contracts can ensure that every time a piece of art is resold, a percentage of the sale price is automatically sent to the original artist. This helps artists receive ongoing royalties without relying on third parties.
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