What are Smart Contracts, and how do they work?
A smart contract is a self-executing contract in which the conditions of the contract’s counterparties’ agreement are written in lines of code. Smart Contracts are essentially a digital version of a traditional paper contract that automatically checks completion and enforces and fulfills the contract’s provisions. The smart contract is performed on a blockchain network, and the contract’s code is copied throughout the network’s numerous computers.
The smart contract terms should be determined first by the contractual parties. The contractual conditions are then converted into computer code when they have been completed. Essentially, the code is a collection of conditional statements that explain several circumstances for a future transaction. Check out these simple steps explaining a smart contract process.
Step 1: Transfer smart contracts terms into code
The code is written and stored on the blockchain network, where it is duplicated among the blockchain members.
Step 2: The code is stored in a blockchain and replicated between participants
The code is then run on all machines in the network and executed. The appropriate transaction is carried out if a contract term is met and validated by all participants in the blockchain network.
Step 3: When a term is satisfied, computers in the network verify its correctness.
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