What Are Smart Contracts
Smart contracts play the role of a vending machine. Smart Contract automatically eliminates the role of an intermediary. In the example taken above, the vending machine replaces the seller and allows the consumer to make a purchase. Thus, there is no middleman involved in this transaction. Smart contracts are basically programs which eliminates the need of intermediary and runs on blockchain. Smart contracts are implemented as code associated with a blockchain account and can execute contracts with terms and conditions written into the agreement and agreed upon by both the parties....