What are Smart Contracts on the Blockchain, NFTs
Smart contracts are simply software program stored on a blockchain that runs 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.
Smart contracts are digital contracts stored on a blockchain that is automatically executed when predetermined terms and conditions are met.
Some people believe that smart contracts could change the world. Maybe.
A smart contract is a kind of like the digital version of a contract that exists between two parties.
They’re called “Smart” because they can carry out the terms of an agreement without any human intervention.
What do you mean? How would that work?
Let’s say you make an agreement with someone that you will send them money if he delivers your package on Saturday.
You could write up a contract and have it notarized, but that would take time and resources.
Instead, you could write up a Smart Contract with the terms of your agreement and then put it on the Blockchain.
The Blockchain is a public ledger of all transactions across a peer-to-peer network.
Basically, a smart contract is a contract that’s written in a computer language instead of a natural language, like English or Portuguese.
By using a computer language, the smart contract can be read by computers. This means it can be executed by computers.
The terms of the agreement are written in code and stored on the blockchain.
The code tells the computer how to enforce it when certain conditions become true.
So if you enter into an agreement with someone else, an agreement to sell a painting, the terms of that agreement will be executed automatically when certain conditions are met.