Smart contracts are small, self-executing programs designed to monitor, enforce, and carry out agreements automatically. Ensuring all specified conditions are met and respected without needing intermediaries.
E.g. some guy makes a bet saying you can’t beat him in a drag race, you both put £20 down and if the opposing party loses, this would ensure the outcome is validated, automatically executing the transactions once the conditions are met, and it prevents tampering or cheating (E.g. who crosses the finish line first)
Why are they smart? It’s because they automatically trigger specific actions such as transactions once pre-set conditions are met. Removing the manual part without errors.
They’re stored on the blockchain too, making them secure, they’re immutable, ensuring all parties stick to the OG terms. Making it reliable and transparent
V Further info from my lecturer :D
