A smart contract is a self-executing contract with the terms of the agreement between buyer and seller is directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.
A smart contract is a computer code-based agreement between 2 individuals. They are stored on a public ledger and cannot be modified as it runs on the blockchain. A smart contract's transactions are handled by the blockchain, so it is submitted automatically without the involvement of a third party.
Smart contracts are secure, transparent, third-party free, autonomous, and accurate.