A Smart Contract is a self-executing contract with the terms of the agreement written into lines of code or in a transaction protocol.
The objective of smart contracts are to reduce the need for trusted intermediators, arbitration costs, fraud losses, and malicious and accidental exceptions. Smart contracts can automate the execution of agreements so that all participants can ascertain the outcome as soon as possible without the involvement of an intermediary or time delay. It is even possible to include terms to deploy other contracts or actions.
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