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Oyakhilome Balogun

September 03 2020 at 00:05:42

What is the smart contract all about

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M

Manonmani Sekar

answered 2020-09-03

Smart contract is programming code that stores rules for negotiating the terms of a contract and automatically verifies the contract and then executes the agreed terms in blockchain cryptocurrency network. Every node in the network have the copy of that contract.It removes the reliance on central trusted systems between the transaction.All contract transactions are stored in chronically order on the Block chain network for future access along with complete audit trail of events. If any party tries to modify a transaction on the network, all other parties in the network can detect and prevent it.

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Smart contract is programming code that stores rules for negotiating the terms of a contract and automatically verifies the contract and then executes the agreed terms in blockchain cryptocurrency network. Every node in the network have the copy of that contract.It removes the reliance on central trusted systems between the transaction.All contract transactions are stored in chronically order on the Block chain network for future access along with complete audit trail of events. If any party tries to modify a transaction on the network, all other parties in the network can detect and prevent it.