Smart Contract is similar to a regular contract, but instead of being created of ink & paper, people make the Smart Contract with the Programming language. Smart Contract is created and stored on a certain Blockchain, in a block, with a timestamp.
Smart Contract can execute automatically by itself, when a certain condition is reached.
It’s a trust-less system with a transparent mechanism.
- You can check the code in any Smart Contract, and how it operates before filling up the condition by using any Block Explorer.
- Once a Smart Contract is created, it cannot be re-written.
- No one operates the Smart Contract, but itself.