Smart Contracts


Csmart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. While blockchain technology has come to be thought of primarily as the foundation for bitcoin, it has evolved far beyond underpinning the virtual currency.

Contracts, whether they are leases, mortgages, loans, or for services, have been around a long time. But when something goes wrong and one party fails to perform their part of the contract, what happens? Then you have to go back and forth with them until they come around. And if they don’t? Then you have to call an attorney or a mediator to help persuade them. At that point, you are looking at spending hours and thousands of dollars to get the other party to simply execute their half of the contract.

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.


How Smart Contract

The first cryptocurrency to support smart contracts was Bitcoin, the systems are made in such a way that it transfers value from one party to another. This network only nodes the validate transactions when specific conditions are met. Ethereum works more differently from other cryptocurrencies that use smart contract in such a way that it is able to give the user an opportunity to write their preferred program. You may not get a clear explanation concerning smart contracts, they are difficult to understand because this term at times confuses the interaction described. The major work of smart contracts is to execute as it has been designed to do. The following are some of the things that smart contract can do;
It provides utility to any other contracts.
Managing agreements between the parties, it is able to prevent intervention from a third party.
It is a store of information concerning an application for example domain registration or even membership records.
It functions as a multi-signature account; these means that funds can only be spent when a required percentage of persons agree.

With a smart contract, it is possible to keep everything in line and making sure that all terms and conditions of an agreement are kept. Remember this is through automation and without meeting the rules enforced smart contract system will be able to prevent any further operation which is a way of preventing fraud.

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