What is the purpose of smart contract?

Genel

On blockchain, the goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman . A smart contract scales down on formality and costs associated with traditional methods, without compromising on authenticity and credibility.

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Where does a smart contract live?

Genel

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.

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What is smart contract in simple words?

Genel

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.

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Is it difficult to create a smart contract?

Genel

A surprising part of smart contracts is that they aren’t hard to build . The DApp platforms and surrounding tools make it possible to create them and easily build your own blockchain technology. … With a little more understanding, blockchain becomes like most other frameworks you would normally implement.24 Nis 2018

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