Skip to main content

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.
Labels:

Comments

Post a Comment

Thanks for your message. We will get back you.

Popular posts from this blog

10 Tricky Interview Questions On Storm

Storm is real time computation system. It is a flagship software from Apache foundation. Has the capability to process in stream data. Storm is capable to integrate traditional databases. The list given below are tricky and highly useful for your next interview.
Bench mark for Storm is a million tuples processed per second per node. Tricky Interview Questions1) Real uses of Storm?

A) You can use in realtime analytics, online machine learning, continuous computation, distributed RPC, ETL

2) What are different availble layers on Storm?
FluxSQLStreams APITrident3)  Real use of SQL API on top of Storm?
A) You can run SQL queries on stream data
4) Most popular integrations to Storm? HDFSCassandraJDBCHIVEHBase 5) What are different possible Containers integration with Storm? YARNDOCKERMESOS6) What is Local Mode?

A) Running topologies in Local server we can say as Local Mode.

7) Where all the Events Stored in Storm?
A) Event Logger mechanism saves all events

8) What are Serializable data types in …
Post a Comment
Read more

Blue Prism complete tutorials download now

Blueprsim is an automation tool useful to execute repetitive tasks without human effort. To learn this tool you need right material. Provided below quick reference materials to understand detailed elements, architecture and creating new bots. Useful if you are a new learner and trying to enter into automation career.
The number one and most popular tool in automation is Blue prism. In this post I have given references for popular materials and resources, so that you can use for your interviews.
Why You Need to Learn RPA blue prsim tutorial popular resources I have given in this post. You can download quickly. Learning Blue Prism is really good option if you are learner of Robotic process automation.
RPA Advantages The RPA is also called "Robotic Process Automation"- Real advantages are you can automate any business process and you can complete the customer requests in less time.

The Books Available on Blue Prism 
Blue Prism resourcesDavid chappal PDF bookBlue Prism BlogsVideo…
Post a Comment
Read more