Skip to main content

Blockchain - What Is a Smart Contract and How Does It Work?

Smart contracts are digital agreements that enable two or more parties to trade money, data, or anything else of value in a clear and transparent manner and without the need for a middleman. The smart contract is self-executing and doesn't need any manual intervention to complete. Smart contracts are programmed to carry out particular tasks automatically when predetermined conditions are met.

The coding is stored on the blockchain, it is visible to all users on the network. Every transaction is also immutable.

In this article, we'll go over some advantages of smart contract as well as some of the applications they can be used for. The data is stored across numerous computers and cannot be changed without the consent of all parties. Due to its high security, this technology is being used by numerous firms in their everyday operations.

In contrast to conventional systems administered by governments, a smart contract blockchain network is decentralized, meaning no one person or organization has power over it. Instead, each user has a predetermined ownership stake in the network, and the more they contribute to maintaining and protecting it, the more control they have over how it is run.

These contracts are being used in numerous industries. Here are a few instances:

  • A digital identity can be created using smart contracts.
  • Smart contracts can also be used to create digital versions of assets like bonds, stocks, and other securities that were previously exchanged using paper documents.
Below is a smart contract created on the Cardano Blockchain.



Click here to get free BTC on Binance




Labels:

Comments

Post a Comment

Popular posts from this blog

Historical price trends of Bitcoin, one week before and one week after the halving events that occurred in May 2020 and July 2016.

1. **May 2020 Halving**: - One Week Before: In the week leading up to the May 2020 halving, Bitcoin's price experienced heightened volatility and speculative trading. Traders and investors anticipated the halving event, leading to increased buying pressure and a gradual uptrend in prices. Bitcoin's price ranged between approximately $8,500 and $10,000 in the week preceding the halving.  - One Week After: Following the halving, Bitcoin's price initially exhibited mixed reactions, with some short-term selling pressure as traders took profits. However, this was quickly followed by a notable uptrend, as the reduction in new supply entering the market drove increased demand and scarcity. Within a week after the halving, Bitcoin's price surged past $10,000 and continued to rally, eventually reaching new highs in the months that followed. 2. **July 2016 Halving**:     - One Week Before: Similarly, in the week leading up to the July 2016 halving, Bitcoin's price experien...
Post a Comment
Read more

The Blockchain Breakthrough: How the UK's New Crypto Tech Secured a Competitive Edge

The Blockchain Breakthrough: How the UK's New Crypto Tech Secured a Competitive Edge The UK found itself at a pivotal moment in the global economic landscape. As the world increasingly embraced digital transformation, countries were vying to leverage emerging technologies for competitive advantage. Among the contenders, the UK was preparing to unveil a ground-breaking innovation that promised to reshape its economic future: a revolutionary blockchain technology called **VeriChain**. The story begins with Dr. Laura Evans, a brilliant computer scientist and blockchain expert. Dr. Evans had spent years researching a novel approach to blockchain technology that aimed to address some of the key limitations of existing systems—scalability, security, and interoperability. Her vision was to create a blockchain platform that could handle a high volume of transactions quickly and securely while seamlessly integrating with existing systems. Dr. Evans’ breakthrough came when she and her team d...
Post a Comment
Read more

How to identify the safest crypto to invest on?

We often read on the internet about influencers promoting many crypto projects and try to guess how much the coin will be worth in the future. This is where you must be a smart ass and do your own homework. First things first, I tend to ignore titles which are easily recognisable as fake, click baits or too good to be true. Below I will give you my honest unbiased opinion how to identify the safest crypto project to invest on. Simply put, there is no definitive answer to this question, as the safety of a cryptocurrency investment depends on a variety of factors. Investing in crypto is not an easy ride. News is changing every minute and the price volatility is enormous. However, I tend to look for opportunities in every situation. I have listed below the FOUR most important key considerations to keep in mind when evaluating the safety of a cryptocurrency investment: Market conditions: The overall state of the cryptocurrency market have a significant impact on the safety of your cry...
Post a Comment
Read more