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What is Smart Contract?
Smart Contracts are a tangible expression of the term 'Code is Law'. By coding prerequisite conditions into an algorithmic contract, one can essentially create a self-executing contract, eliminating the need for a middleman and automating the process of trust.
It is a common feature of blockchain and cryptocurrency protocols.
I tried to scam a customer for his money before the GPS logistics system verified delivery of the goods, but the pesky smart contract prevented me from touching their funds!
Smart Contract - video
