Smart contracts are agreements between parties that can act as a complement, or substitute, for legal contracts. They are defined as digital programs, or computer code, that are capable of facilitating, executing, and enforcing the negotiation or performance of an agreement. Contracts will self-execute when the terms of an agreement are met. Also, due to the decentralized consensus architecture, they are tamper-proof and self-enforcing.
Smart contracts diverge from traditional contracts, either verbal or written, being characterized as computer programs built on code. Some smart contracts, however, contain similar logic and characteristics as conventional contracts, whereas others do much more than list contract ...
