Smart contracts are hosted and executed on a distinct computer network known as a blockchain, such as Ethereum. This ensures that all aspects are accessible, secure, and unalterable. Smart contracts autonomously impose rules and stipulations without requiring human intervention. Smart contracts refer to software applications designed to facilitate the creation, verification, and implementation of contractual agreements. They make use of a sophisticated method known as blockchain to carry out their tasks. This cutting-edge technology enables them to carry out their tasks with a high degree of safety and efficiency.
Blockchain is versatile in its application across multiple fields, including cryptocurrencies, supply chain management, healthcare, finance, voting systems, etc., where it can establish records that are easily auditable, trustworthy, and unalterable. Blockchain’s design structure is characterized by an uncomplicated and clear arrangement and is also notable for the absence of any intermediaries.