Glossary

Smart Contracts

Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. They utilize blockchain technology to automate the execution of contractual terms, facilitating, verifying, and enforcing contract negotiations and performances without intermediaries. Smart contracts can also imbue digital artifacts, such as digital art, with complex, self-governing behaviors, making these items programmable and capable of semi-autonomous enforcement of rules. This innovation introduces a new level of interactivity and functionality to digital objects.