smart contract

  Smart Contracts? Smart contracts are virtual contracts encoded in Blockchain. It consists of a set of tasks that has self-executing nature. It can automatically keep track of the terms of an agreement and enable every step towards its fulfilment. When hosted on the Blockchain, a smart contract cannot be altered or interfered by any party, including the two agreement holders. If changes have to be made the entire network has to be altered. Evolution of Smart Contracts If you are not information deprived, you probably have heard about Blockchain. Termed as a transparent and an incorruptible digital ledger of economic transactions, Blockchain is a technology that can be leveraged to not just record financial transactions but anything that has value. Currently, the financial industry holds a high level of acceptance to this technology and thus acts as a strong use case of Blockchain . This technology is creating a revolution in recent days as it promises to de...

  Smart Contract : A smart contract is a self-enforcing piece of so ware that is managed by a P2P network of computers. Smart contracts are e cient rights management tools that provide a coordination and enforcement fra- mework for agreements between network participants, without the need of traditional legal contracts. They can be used to formalize simple agreements between two parties, the bylaws of an organiza- tion, or to create tokens. A smart contract is a self-enforcing agreement embedded in computer code managed by a blockchain. The code contains a set of rules under which the parties of that smart contract agree to interact with each other. If and when the predefined rules are met, the agreement is automatically enforced. Smart contracts provide mechanisms for efficiently managing tokenized assets and access rights between two or more parties. One can think of it like a cryptographic box that unlocks value or access, if and when specific predefined conditions are met....