What are Smart Contracts?

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 What are Smart Contracts ?
● Smart contract is a term used to describe computer program code that is capable of facilitating,
executing, and enforcing the negotiation or performance of an agreement (i.e. contract) using
Blockchain technology.
● The entire process is automated can act as a complement, or substitute, for legal contracts, where
the terms of the smart contract are recorded in a computer language as a set of instructions.

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 Working of Smart Contract
● First let's understand the two main components of the smart contract:
1. Smart Contract Code - The code that is stored, verified and executed on a blockchain.
2. Smart Legal Contracts - The use of the smart contract code that can be used as a
complement, or substitute, for legal contracts.

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