In blockchain technology, what is a 'smart contract'?
- Decentralized consensus algorithms
- Encrypted communication protocols
- Secure authentication mechanisms
- Self-executing digital contracts
A 'smart contract' is a self-executing digital contract with the terms of the agreement directly written into code. It automatically executes and enforces the terms when predefined conditions are met. Understanding smart contracts is crucial for grasping the automation and security benefits they bring to blockchain applications, enabling trustless and tamper-resistant execution of contractual agreements.__________________________________________________
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