What are smart contracts and how do they work

Smart contracts are self-executing computer programs that run on a blockchain and encode the terms of a contract between parties. They automatically enforce the obligations specified in the contract when the predetermined conditions are met. The execution of a smart contract is transparent, secure, and tamper-proof, since it runs on a decentralized network of computers. Smart contracts enable trustless transactions and can be used for a variety of purposes, such as transferring assets, managing financial instruments, and executing decentralized applications.

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