Smart Contracts
Smart Contracts
A Smart Contract is a computer code running on top of a blockchain, The smart contract code digitally facilitates, verifies, or enforces the negotiation or performance of a contract or transaction. These transactions are trackable and irreversible.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code (Investopedia).
It is a mechanism involving digital assets and two or more parties, where some or all of the parties deposit assets into the smart contract and the assets automatically get redistributed among those parties according to a formula based on certain data, which is not known at the time of contract initiation.
First reconnaissance of questions relating to legislation, regulations and future knowledge needs as a consequence of blockchain technology and more specifically, smart contracts..
Dutch Blockchain Coalition detailed book (PDF-58 pages) about Smart Contracts.
A smart contract reduces the transaction cost of reaching an agreement, formalisation, and enforcement.
Adhichain and Ethereum uses Solidity and Serpent or LLL as their smart contract language, Vyper is another smart contract language which is still under development is also used in Ethereum.
Solidity is widely used and default smart contract language for Ethereum, it is an object-oriented, high-level language and supports Libraries, User defined types, Functions, Inheritance and etc
Refer detailed Solidity material here to learn more ...
The applications for Smart Contracts in Blockchain is countless, but to name a few...
Voting Application
Land Registry
Academic Certificate Verification
Crowd Funding
Token Contracts
Collectibles
Real Estate Assets
many more..
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