The Blockchain Technology That Will Disrupt Third Parties

Month: February 2021

WHAT IS A SMART CONTRACT IN BLOCKCHAIN?

A smart contract can work individually, but it can also be implemented along with other smart contracts. They can function interdependently as well. Successful completion of one smart contract can trigger another one and the process keeps going. If implemented properly, entire businesses and organizations can run successfully on smart contracts. This has already begun in various cryptocurrency systems wherein the laws are pre-defined. This allows the network to function independently.

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Why Ethereum smart contracts?

The world’s first cryptocurrency, Bitcoin, was the first to support basic smart contracts, although they are extremely limited in comparison with Ethereum. Each transaction is a smart contract because the network will only approve of the transactions if certain conditions are met – that the user provides a digital signature proving that they indeed own the cryptocurrency they claim to own. Only the owner of a Bitcoin private key can produce such a digital signature.

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