Table of contents
Hello everyone! 👋 Welcome to this new article in this blog I will be discussing, What are Smart Contracts, their use cases and many more so read along.. 😊
What is Smart Contract❓
Smart contracts are a code that can be executed automatically in a deterministic way. a smart contract is a digital version of the standard paper contract that automatically verifies fulfillment and enforces and performs the terms of the contract.
Smart contracts are executed on the blockchain network and their copy is stored in many nodes or computers making the blockchain network this makes it more transparent and secure.
How do Smart Works❓
Step 1 :
Firstly, the terms and conditions of the contracts are finalized then the conditions are translated or converted into code.
You can understand the code as the set of conditional statements that will meet some condition and result in the possibility of scenarios for a future transaction
Step 2 :
When the code is created for the contract it is stored in the blockchain network, and is shared with different nodes or we say minors.
Step 3 :
After this, the code is executed by all the nodes or computers, if the terms and conditions are satisfied and verified by all the nodes on the blockchain, the transaction is executed
and that's it , that's how smart-contract works
Thank you for reading 😊 I hope you understand everything that I explained, if you have any doubts let me know in the comments.
Bye 🙋♂️, have a nice day .
