The Blokaro Encyclopedia

Smart contracts are self-executing programs stored on a blockchain that automatically enforce the terms of an agreement when predefined conditions are met. They are the foundation of DeFi, NFTs, and decentralised autonomous organisations.

A blockchain is a distributed, append-only ledger of records (blocks) chained together cryptographically. Each block contains a cryptographic hash of the previous block, ensuring immutability. Bitcoin introduced the first practical implementation in 2008, solving the double-spend problem without a central authority.