What Is the Smart Contract? - Deepstash
What Is the Smart Contract?

What Is the Smart Contract?

Keep reading for FREE

Smart contracts defined:

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 an intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.

4

19 reads

1. How smart contracts work:

1. How smart contracts work:

Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions when predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.

3

8 reads

2. How smart contracts work:

2. How smart contracts work:

Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when...then…” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes. Then the smart contract can be programmed by a developer – although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools.

3

10 reads

Benefits of smart contracts:

Benefits of smart contracts:

  1. Speed, efficiency, and accuracy
  2. Trust and transparency
  3. Security
  4. Savings

3

13 reads

Speed, efficiency, and accuracy:

Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.

3

13 reads

Trust and transparency:

Because there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.

3

11 reads

Security:

Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.

3

7 reads

Savings:

Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees.

3

11 reads

Promo:

This Content is Part Of Mission Adding Values….

Hope You Enjoyed reading & Got some Impact-full Learnings from this article, If you Did then Hit the like button & put a comment. This helps us to work harder & Smarter Day by Day. & it motivates us to make this kind of content...

Now this Article is Available in Audio Format as Well, Also we are “AudioBook Media Center” now Available on All Popular Podcast Streaming Platforms Like:- Spotify, Apple Podcast, Google Podcast, Anchor, radiopublic, Pocket Casts & Breaker.

© Copyright 2021-22, All Rights Reserved, Unboxing Space.

3

3 reads

CURATED BY

unboxingspace

Hi, Readers we are Unboxing Space here we do all kind of Tech videos, Unboxing, Review, Tips & Tricks, Information & so many interesting things. To watch our videos you can SUBSCRIBE to our channel & Blog so you don’t Miss any informative thing. by IGDM

As we are Moving Towards the Digitalisation we must know about these kind of things.

MORE LIKE THIS

Blockchains don’t scale. Not today, at least. But there’s hope.

Blockchains don’t scale. Not today, at least. But there’s hope.

What is Ethereum Gas? [The Most Comprehensive Step-By-Step Guide Ever!]

What is Ethereum Gas? [The Most Comprehensive Step-By-Step Guide Ever!]

What Is Decentralized Finance?

What Is Decentralized Finance?

Ready for the next level?

Read Like a Pro

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

Stars

5,740 Reviews

App Store

4.7

Stars

72,690 Reviews

Google Play

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

FAQ

Claim Your Limited Offer

Get Deepstash Pro

BLACK FRIDAY

75% OFF | 1-Year Pro Subscription

Claim Offer