Definition of Smart Contracts
It’s kind of an agreement between buyer and seller with the mention lines and codes of a contract. It is a protocol in a computer which validate the process of verification and enforcing the performance of a contract.
Brief Explanation of Smart Contracts
It decreases the other transaction cost of a contract compared to a traditional contract. The goal or motive of this contract is to provide better security and safety to the contract involved parties. The author of this contract is NICK SZABO, who introduce the concept of a smart contract.
The important usage of this contract is in the world of cryptocurrency or digitized money, basically it provides the guidance for the contract execution of with the help of law and their regulations in the design of electronic commerce protocols.