Smart Contract Definition

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.

Ethereum Smart Contract

Ethereum is a public blockchain platform which is currently the most advanced smart contract enabled blockchain. With a ‘Turing complete’ coding system, theoretically you can put any logic into an Ethereum smart contract, and it will be run by the whole network.