What are Smart Contracts? How they work?

What Are Smart Contracts?

Smart contracts are self-executing agreements where the terms are directly
written into code. They automatically enforce and execute the contract's terms
when specific conditions are met, eliminating the need for intermediaries.

The Growing Market

The global smart contracts market is on a rapid ascent, projected to reach a
staggering USD 300 billion by 2026. This growth highlights their increasing
significance and adoption across various industries.

A Visionary's Idea

The concept of smart contracts was first introduced by Nick Szabo in 1994. He
envisioned using computer protocols to facilitate, verify, and enforce
contract negotiations and performance.

Blockchain Revolution

The realization of smart contracts became possible with the rise of blockchain
technology, particularly with Ethereum's launch in 2015. This decentralized
platform enabled the execution of smart contracts like never before.

Foundation of Innovation

Nick Szabo's influential paper, "Smart Contracts: Building Blocks for Digital
Markets," laid the groundwork for the evolution and application of smart
contracts across diverse sectors, paving the way for a new era of digital
agreements.