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Blockchain Smart contract behind mechanism you need to learn quickly

Smart contract in Blockchain is a kind of software application that works without human intervention based on the transaction logs and provide solution to user request. I want to share the back end mechanism in Smart Contract of Blockchain.

Smart Contract Mechanism

What is Smart Contract

  • A smart contract is a protocol which can auto execute, facilitate, verify or enforce the negotiation of a contract.
  • Agreement between two parties you can say as a contract.
  • Incorporating the rules of physical contract into computing world, you can say as smart contract
  • Blockchain supports you to create smart contracts.
  • Smart Contracts are self-executing programs which run on the blockchain and are capable of enforcing rules
  • Using Blockchain as platform and making an agreement or contract between more than two parties, you can say as Smart Contract.

Traditional Markets 

Traditional Markets

4 Top Benefits of Smart Contract

  1. Currently smart contracts are being used only in Crypto Currencies
  2. Now Smart Contracts being used in all financial transactions
  3. Smart contract can then raise funds for the foundation to complete a certain objective
  4. Primary benefit is to avoid middle men and to avoid fraud and cheating in the business world

Smart Contract Based Markets

Smart markets

When Smart Contract Initiated

  • Smart contracts are self executed programs. So they run automatically whenever they need. 
  • Each Smart contract in Blockchain stored in a Block.
  • Smart contracts have the following capabilities-self-execute, self-verify, self-enforce and self-constrain the agreement between two parties.

How many smart contract are present in Blockchain

  1. You can create 'N' number of smart contracts in Blockchain
  2. Smart Contract Manger over see all the transactions created in a network such that it avoids any fraud or cheating.

Summary

The contracts created under blockchain platform you can say as smart contract. The legality of contract monitored by computers but not by human beings. They enforce rules and creates alerts when something went wrong.

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