What is a smart contract?
Smart contracts are the pre-programmed code that executes a process automatically without involving any intermediaries and third parties. This smart contract works under a consensus mechanism. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible. The process will be executed only if the given conditions are satisfied. If any condition fails, the entire process will be reversed back.