A smart contract, also known as a cryptocontract, is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions. A smart contract not only defines the rules and penalties related to an agreement in the same way that a traditional contract does, but it also automatically enforces those obligations.
Smart contracts ace as a computer protocol intended to facilitate, verify, or enforce the negation or performance of an agreement. The process by which smart contracts are implemented occurs within a decentralized environment, thus negating the possibility of human error. Smart contracts allow for the performance of credible transactions without the necessity of a third party. Using the transfer of value in a smart contract requires the use of a cryptocurrency. Smart contracts offer many kinds of contractual clauses that may be made partially or entirely self-executing, self-enforcing, or both. Ethereum describes smart contracts as “applications that run exactly as programmed without the possibility of downtime, censorship, fraud, or third-party interference.”
Cangea has developed a suite of software solutions that provide business, financial institutions, and governments, the ability to incorporate smart contracts into their operations. The Cangea software suite enables users to quickly build and deploy sophisticated Smart Contracts to the Cangea Core™ blockchain without any previous coding experience. The on-chain elements of Cangea are composed of several unique smart contract components that work seamlessly together to create the full functionality of the application.