What are smart contracts and how do they replace intermediaries?

A smart contract is a program on the blockchain that automatically fulfills the terms of a contract as soon as they are met. No lawyers, banks or notaries: the code solves everything.

⚡️ How does it work?

1. The terms are written in code (for example: “If A transfers 1 ETH, B will get access to the service”).
2. The contract is executed automatically—without trusting the intermediary.
3. The result is recorded on the blockchain—it cannot be tampered with or undone.

✨ Where does this eliminate intermediaries?

• Finance: P2P transfers with no help of banks.
• Real estate: buying without agents and notaries.
• Logistics: automatic payments on delivery.
• Royalties: automatic royalties to authors.

Smart contracts are like a vending machine for transactions: you flip a coin, you get results. No extra mouths between you and your counterparty.