The contract is stored on the ledger on the Blockchain . So, whenever a transaction happens, a function is invoked that calls the smart contract and the processing is done. Smart Contracts are stored on the Blockchain because it is important for the contract to be available to the people making transactions.
Read moreWhat is smart contract in simple words?
Smart contracts defined Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met . They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.
Read moreWho writes the code for smart contracts?
It was developed by Christian Reitwiessner, Alex Beregszaszi, and several former Ethereum core contributors to enable writing smart contracts on blockchain platforms such as Ethereum. The programs compiled by the Solidity are intended to be run on Ethereum Virtual Machine.
Read moreWhat companies are using smart contracts?
Top 10 Smart Contract Development Companies
Read moreIs Uber a smart contract?
A smart contract is essentially what it sounds like – a contract that self-executes. A good way to understand the potential applications of a smart contract is to consider the ride-sharing service Uber . When you order an Uber on your phone, the request gets sent directly to Uber’s big server farm.
Read moreWhat is the best smart contract?
7 Smart Contract Cryptos to Watch in 2022
Read moreDo smart contracts have addresses?
An important aspect of how smart contracts work in Ethereum is that they have their own address in the blockchain . In other words, contract code is not carried inside each transaction that makes use of it.
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