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Smart Contract
A smart contract is a type of contract that executes automatically when certain predefined circumstances are met. It is typically found on a blockchain and used to manage blockchain-based digital assets. Smart contracts can facilitate various electronic transactions, including the purchase of cryptocurrencies.
What Small and Midsize Businesses Need to Know About Smart Contract
With usage expanding beyond cryptocurrency, smart contracts are now even used by SMBs. For instance, SMBs can use smart contracts to automatically deduct money from bank accounts when certain circumstances are met. This cuts the need for a broker or other third party. Since these contracts are self-enforcing by a neutral arbiter (the blockchain), they have many other extensive applications for SMBs.
Related terms
- PDM (Product Data Management)
- Project Management
- Gain Sharing
- Small and Midsize Business (SMB)
- Business Process Automation (BPA)
- Human Capital Management (HCM)
- Best Practice
- Business Process Management (BPM)
- Business Impact Analysis (BIA)
- Track And Trace
- Digital Business Transformation
- Bimodal
- Span of Control
- Solution
- Business Process Re-engineering (BPR)
- Enterprise Solutions
- Growth Strategy
- Project Management Office (PMO)
- Business Process Outsourcing (BPO)
- Line Of Business
