Smart Contracts

A smart contract is computer software that, once set into motion, fulfills the obligations of a contract or agreement on its own. Once a transaction is finalized, it can't be undone and can't be undone by anybody else. Smart contracts eliminate the need for a central authority, legal system, or external enforcement mechanism by facilitating trustworthy transactions and agreements between unrelated, anonymous participants. Although blockchain technology is most often associated with supporting Bitcoin, its applications have expanded well beyond that.