Complete guide to smart contract in Blockchain

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WHAT IS SMART CONTRACT?

Smart contracts are blockchain store program that runs when the predetermined condition is met. They are typically used to automate the execution of an agreement so that all participants get instant results without any mediator involvement or loss of time to be certain.

Therefore, to understand the smart contract, let us first understand the normal contract. Now we see that there are 2 parties in signing a normal contract and there is an authority or third party in the middle to sign the contract between them. Through which contracts are created and executed. But this does not happen in smart contracts, so much time is not wasted in smart contracts. It works very fast.A smart contract does not require 3rd party. The condition is written in the smart contract and when the written condition is set, then automatically the predefined action there will be executed.

smart contract

WORKING OF SMART CONTRACT

Smart contracts follow if, when, and then-statements written in code on a blockchain. When predetermined conditions are met and verified, a network of computers executes actions that may include releasing funds to suitable parties, registering vehicles, sending notifications, or issuing tickets. The blockchain is updated when the transaction is completed this means that the transaction cannot be changed and only those parties who have been given permission can see the result.

So we can say that a smart contract is a computer program or a transaction protocol whose purpose is to be included automatically.

HISTORY OF SMART CONTRACT

A developer named VitalikButerin was an initial contributor to the bitcoin code base. He decided to start his own chain in 2013, frustrated by the limitations of bitcoin. By Learning and Fixing the Limitation of Bitcoin, he launched an initial version of Ethereum in 2015, called Helium, which introduced the functionality of smart contracts that perform logical operations automatically.

Benefits of smart contracts

  1. Speedy, Efficiency & Accuracy
  2. Trust and Transparency
  3. Security and so many more
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