5. Smart Contracts

In Ethereum, smart contracts are self-executing contracts with predefined terms and conditions directly written into code. These contracts are deployed and executed on the Ethereum blockchain, enabling trustless and transparent agreements to be enforced without the need for intermediaries. Smart contracts are written in programming languages like Solidity and operate autonomously, executing predefined actions when triggered by specified conditions. They facilitate a wide range of functionalities, including financial transactions, asset transfers, digital identity verification, supply chain management, decentralized governance, and more. Smart contracts are a fundamental building block of decentralized applications (DApps) on the Ethereum platform, enabling developers to create innovative solutions that revolutionize industries and redefine traditional business processes.