What is Smart Contract? Why use BlockChain? Ethereum Smart Contract Explained

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The Video tries to answer questions around Smart contracts such as:
What is smart Contract
A smart contract is set of instructions that can automatically execute when a certain event or a certain condition such a legal agreement is occurred.

What are smart contracts used for?
Smart contracts allow the execution of a transaction without third party or middle man.

Why are smart contracts important?
Smart contract helps to solve the issue of mistrust between Business entities and partners.

Where are smart contracts stored?
The contract is stored on the ledger on the Blockchain.

How are smart contracts validated?
Smart contracts are also validated by a distributed consensus in a blockchain environment.

What are the Advantages of Smart Contracts?
Accuracy, Transparency, Clear Communication Speed, Security, Efficiency

Can Bitcoin do smart contracts?
Yes, but most developers prefer other blockchain, like Ethereum.

Who invented smart contracts?
Nick Szabo

Are smart contracts reversible?
No.

Kategorien
ethereum Kryptowährung
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