Discover how smart contracts automate blockchain transactions, their role in trusted agreements without intermediaries, and ...

A smart contract is a self-executing computer program with the terms of the agreement written directly into lines of code. It is stored and replicated on a blockchain network. Smart contracts enable ...

Smart contracts are self-executing digital contracts that ensure tamper-proof, transparent execution of agreements written in code by automatically enforcing and verifying the terms.

For example, in 2016, cybercriminals hacked the decentralized autonomous organization The DAO and stole millions of dollars worth of Ethereum by exploiting vulnerabilities in the smart contract code.

Two legal experts argue that we need enhanced due diligence before smart contract transactions are written in "blockchain stone".

Based in blockchain technology, these contracts execute automatically and are lauded as a way to efficiently digitize transactions.

For example, ethereum smart contract code was designed to remain immutable or unchanged. This makes the system difficult, but not impossible, when it comes to upgrading code.