The Automated Nature Of Smart Contracts There are 2 widely-used programming languages for writing Ethereum smart contracts-- Solidity and Serpent. The network transactions are run in a smart contract, which is processed and performed by the blockchain automatically. So, whenever a transaction occurs in between the nodes, a function is conjured up that calls the smart contract, and the processing begins. https://vimeopro.com/beessocial/blockchain-smart-contracts/video/552041011 Subscribe to BEES.Social on Youtube https://www.youtube.com/c/BeesSocialTV/about That's since a smart contract can execute the governance rules for any type of business item, so that they can be instantly imposed when the smart contract is carried out. For example, a smart contract might guarantee that a brand-new car shipment is made within a specified timeframe, or that funds are released according to prearranged terms, improving the flow of items or capital respectively. The objectivity and automation required of smart contracts can run contrary to how business parties really work out arrangements. During the course of negotiations, parties implicitly engage in a cost-benefit analysis, understanding that eventually there are lessening returns in trying to think about, and address, every possible possibility. It enables blockchain designers to check the program at runtime instead of compile-time. While the smart contract code is set up inside a chaincode plan on a companies peers, channel members can only carry out a smart contract after the chaincode has actually been defined on a channel. The smart contracts inside the chaincode can then be performed by channel members, subject to the recommendation policy specified in the chaincode definition. Smart contracts allow trusted agreements and transactions to be carried out amongst unique confidential celebrations without requiring a legal system, external enforcement, or a central authority. 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 any intermediary's involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met. 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. 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 to simplify Source: https://www.ibm.com/topics/smart-contracts Who is BEES.Social "We are a community of retail investors that are educating themselves, supporting others, and profiting from cryptocurrency investing. 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Subscribe to this BeesSocialTV https://www.youtube.com/c/BeesSocialTV/ Learn more about DeFi Yield Farming Crypto http://Yield-Farming-Crypto.farm https://www.youtube.com/playlist?list=PLT3ArNsa9k19UeQ5RLppkhkhHCKFOKZyV 00:00 Blockchain Smart Contracts Explained 00:11 What is a Smart Contract in Blockchain 07:05 Why Does Blockchain Need a Smart Contract 09:23 How Does a Blockchain Smart Contract Work 12:25 Who Controls a Blockchain 15:49 Which Blockchains Support Smart Contracts 16:36 Can Bitcoin Do Smart Contracts Visit BEES.Social exchange to purchase crypto tokens https://app.bees.social/exchange https://www.facebook.com/groups/beessocalforyou https://www.linkedin.com/company/cryptoswarm/ https://twitter.com/Crypto_Swarm https://vimeo.com/beessocial https://www.reddit.com/user/BEESSocial https://vimeopro.com/beessocial/yield-farming Learn more about crypto and DeFi https://bees.social/bees-social-for-beginners/ Watch Video