Smart Contracts
Financial Dictionary — Blockchain & Smart Systems
Definition
Self-executing contracts with the terms of the agreement directly written into code on a blockchain.
Detailed Explanation
Smart contracts are self-executing digital agreements where terms are automatically enforced through blockchain code.
Common Uses
- Used to explain the concept in accounting and business contexts.
- Used when training staff or documenting procedures and policies.
- Used when training staff or documenting procedures and policies.
Practical Example
- Example: Teams reference **Smart Contracts** when defining terms in manuals, policies, or training materials.
Why This Term Matters
- Why it matters: Improves clarity and consistency across documentation and decision-making.