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

Hello Binance

According to a report published by Reuters, the cryptocurrency exchange Binance has not paid any taxes during its stay in Malta. Despite handling billions of euros during its time on the island, Binance's main company in Malta consistently reported losses, allowing it to evade tax payments.  Reuters reviewed public filings from countries where Binance claimed to have significant operations and found that the company did not detail tax payments in France and Dubai. The only significant tax payment discovered was in Lithuania, where Binance's subsidiary Bifinity paid €42.5 million in 2022.  Click here to get your promo code and apply for the card Binance moved to Malta in 2018 during the country's push to establish itself as "Blockchain Island," but eventually left when regulations for the sector were introduced. During its stay, Binance benefited from a "grandfathering period" where it was exempt from authorization and anti-money laundering laws. Binance
Post a Comment
Read more

Argo💧| The first batch of Atlantis 3.7 Million $ARGO has just been fully burnt🔥

Below is the tweet by Argo claiming that 3.7 million Argo has been burnt.  I have been monitoring the burning wallet since November 22 onwards and i can confirm that millions indeed have been burnt. See below proof. Slowly but surely.  997,882,402.56  Argo Protocol  17th November 22 997,804,393.414  Argo Protocol  25th November 22 997,794,373.324 Argo Protocol 2953 Addresses 30TH November 22  997,757,025.431 Argo Protocol 2965 Addresses 6th December 22 997,623,233.394 Argo Protocol 2979 Addresses 15th December 22 997,598,095.81 Argo Protocol 2964 Addresses 20th December 22 Click here to get your promo code and apply for the card 997,570,844.416 Argo Protocol 2976 Addresses  2nd January 23 997,546,271.448 Argo Protocol 2971 Addresses  10th January 23 997,505,798.927 Argo Protocol 3015 Addresses  6th February 23 997,418,520.381 Argo Protocol 3059 Addresses  21th March 23 997,010,738.702 Argo Protocol 3104 Addresses  11th May 23 996,239,144.362 Argo Protocol 3131 Addresses  24th June 
Post a Comment
Read more