
What is a smart contract?
Smart contracts are one of the most promising applications in the Blockchain ecosystem. Unlike a traditional deal, the execution is guaranteed by a legislative framework, and the execution is governed by computer code.
A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).