Step By Step Beginners Guide to understanding smart contracts

Smart Contract
Smart Contract

What is a Smart Contract?

Specifications of Smart Contracts

How does Smart Contract Works?

How does Smart Contract Works?
How does Smart Contract Works?
  1. The pre-definition of the contract step includes writing the rules/conditions into the smart contracts.
  2. Events: This stage represents the actualization of the smart contract.
  3. Execution, as well as the transfer of Smart value contracts, are implemented based on the conditions that are referred to.
  4. Settlement procedure: After the implementation, the last step is to settle smart contracts.

Benefits from Smart Contract

Secure

Transparent

Free of third-party providers

Near real-time execution

Decentralized and autonomous

Future and Present applications in the field of Smart Contracts

Social Media

Marketplaces

Computing Power

Conclusion



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