Intro To Smart Contracts

There are 2 widely-used programs languages for composing Ethereum smart contracts-- Solidity and Serpent. The network transactions are run in a smart contract, which is processed and performed by the blockchain instantly. So, whenever a transaction takes place in between the nodes, a function is conjured up that calls the smart contract, and the processing begins.

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Hence, the smart contract transaction can be submitted to any node on the blockchain, which transmits it to the entire network so that all the nodes will see the transaction. Using a blockchain network, we can turn these contracts into executable programs-- known in the market as smart contracts-- to open a wide array of new possibilities.

The objectivity and automation needed of smart contracts can run contrary to how business celebrations in fact negotiate agreements. Throughout the course of settlements, parties implicitly engage in a cost-benefit analysis, knowing that eventually there are reducing returns in trying to think about, and address, every imaginable eventuality.

As the adoption of blockchain spreads, and as more assets are tokenized or go "on chain," smart contracts will become progressively complicated and efficient in managing advanced deals. When a sufficient number of companies have actually approved to the same chaincode meaning, the meaning can be dedicated to the channel.

The smart contracts inside the chaincode can then be performed by channel members, based on the endorsement policy defined in the chaincode definition. Smart contracts permit relied on agreements and deals to be undertaken amongst unique confidential celebrations without requiring a legal system, external enforcement, or a central authority.

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.

Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions when predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.

Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when...then…” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.

Then the smart contract can be programmed by a developer – although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools to simplify

Source: https://www.ibm.com/topics/smart-contracts

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00:00 Blockchain Smart Contracts Explained
00:11 What is a Smart Contract in Blockchain
07:05 Why Does Blockchain Need a Smart Contract
09:23 How Does a Blockchain Smart Contract Work
12:25 Who Controls a Blockchain
15:49 Which Blockchains Support Smart Contracts
16:36 Can Bitcoin Do Smart Contracts

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