What is a Smart Contract?

Smart contracts are simply programs that are stored on a blockchain network that run when specific conditions are met. They are commonly used to automate the execution of agreements, allowing all parties to immediately know the outcome without involving intermediaries or wasting time.

In addition, smart contracts can also automate workflows by triggering the next action when conditions are met. This makes the process more efficient and eliminates the need for intermediaries, ultimately saving time and reducing costs.