what is a smart contract in blockchain

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Smart contracts defined
Smart contracts can be described as programs stored on a Blockchain that run only when predetermined conditions have been met. These contracts are typically used to automate an agreement’s execution so that everyone involved can know the outcome immediately, without the need for any intermediary or loss of time.


What is smart contract in blockchain example?

An example smart contract is to transfer ownership of an Apartment once certain resources have been transferred to Seller’s Account(or wallet). A smart contract that tracks vehicle ownership and maintenance can be embedded in a blockchain.


What is an example of a smart contract?

Smart contracts can be used to finance trading, investing, lending and borrowing. They can also be used for healthcare and real estate applications.


What is in a smart contract?

What is a smart contract? A smart contract is an agreement that executes itself. The terms between seller and buyer are written in code. The code and agreements are distributed across a decentralized blockchain network.


Is Bitcoin a smart contract?

Many people believe that smart contracts can only be executed on complex blockchains. Bitcoin Smart contract platform is defined as such. Many believe smart contracts cannot be executed on complicated blockchains. Bitcoin It is a smart contract platform according to definition.


Who writes smart contracts?

Anybody can create a smart contract, and then deploy it to the network. Only you will need to know how to code smart contracts and have enough Ethereum to deploy them.


Which Crypto has smart contracts?

Despite its flaws, Ethereum The gold standard in smart contracts and blockchain-based applications remains.





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