What is a smart contract?

in steemit •  3 years ago 

A smart contract is a computer program that makes it easier to carry out certain contractual
agreements without the need for a third party. When specific criteria are met, it executes what is
written in its code. These protocols are "smart" because only computer code can determine whether
a contract has been fully or partially executed.
Smart contracts are designed to increase contract law enforcement security while also lowering
contract transaction costs. As a result, we have transactions that are visible, unfraudable, quick, and
irrevocable. Furthermore, a central authority is not required. These contracts may be extremely
useful for trading money, products, or other assets, dividend payment automation, personal data
control, and all this while eliminating validation delays. Finance, energy, media, and government are
just a few of the industries that can benefit from them.
$KROM Token Has Audited smart contracts for creating trades and processing them, all powered by
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3 years ago by

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