What's Smart Contract and What Is It Used For

A smart contract refers to a paragraph of code that is deployed on a shareable and reproducible ledger. It can not only maintain its own state, control its own assets and respond to received external information or assets, but also process information, receive, store and send value.

What’s more, a smart contract is a participant, an absolutely reliable part that guards your assets temporarily while strictly executing the actions required by those contract clauses. As long as an input is set and taken, a smart contract will assign value to that input through the rules set out in the contract, automatically enforce those obligations without fail.