Smart contracts

Smart contracts:

Smart contracts are much like regular computer programmes, but they run automatically when specified circumstances are satisfied. They are commonly used to automate an agreement, so that everyone can know the result instantly, without the intervention of an intermediary. A process can also be fully automated, causing the following step to be executed when a certain condition is satisfied.

These “if/when...then” expressions entered into code are stored on a blockchain. When defined criteria are satisfied, a network of computers carries out the actions. There are several ways in which a driver might do this. They may (or may not) provide payments to the right people, register a car, make alerts, or issue a citation. When the transaction is completed, the blockchain is updated. This is an important piece of information.

While inside a smart contract, as many conditions as needed can be stipulated to ensure that the goal is successfully achieved. Setting the ground rules for transactions and their associated data on the blockchain is a necessary first step in designing blockchain applications. The participants in a blockchain project must first agree on the “if/when...then…” rules that govern those transactions, explore all possible exceptions, and come up with a dispute resolution mechanism.

Once designed, the smart contract may be used by the organisation or developer.

Infograins team have great resources of creating smart contract using Solidity, Plutus, Marlowe platforms.