There are 2 widely-used programming languages for writing Ethereum smart contracts-- Solidity and Serpent. The network deals are run in a smart contract, which is processed and executed by the blockchain instantly. So, whenever a transaction occurs between the nodes, a function is conjured up that calls the smart contract, and the processing starts.
https://vimeopro.com/beessocial/blockchain-smart-contracts/
Subscribe to BEES.Social on Youtube https://www.youtube.com/c/BeesSocialTV/
That's because a smart contract can carry out the governance rules for any type of business object, so that they can be automatically imposed when the smart contract is executed. For example, a smart contract might guarantee that a new car delivery is made within a defined timeframe, or that funds are released according to prearranged terms, improving the flow of items or capital respectively.
The neutrality and automation needed of smart contracts can run contrary to how business celebrations actually work out arrangements. Throughout the course of negotiations, parties implicitly participate in a cost-benefit analysis, understanding that eventually there are diminishing returns in trying to consider, and address, every conceivable scenario.
As the adoption of blockchain spreads, and as more assets are tokenized or go "on chain," smart contracts will become progressively complicated and capable of dealing with sophisticated deals. When a sufficient variety of companies have approved to the same chaincode definition, the meaning can be committed to the channel.
Due to their functionality to eliminate administrative overhead, smart contracts are among the best functions of blockchain innovation. Most importantly nevertheless, the execution of a smart contract is far more effective than a manual human business process.
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.
Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions when predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.
Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when...then…” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.
Then the smart contract can be programmed by a developer – although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools to simplify
Source: https://www.ibm.com/topics/smart-contracts
Who is BEES.Social
"We are a community of retail investors that are educating themselves, supporting others, and profiting from cryptocurrency investing. We're normal people seeking to take control of our personal finances... we are growing significantly, by inviting friends and family to join us and learn about the cryptocurrency ecosystem."
Why BEES.Social
"We are not an investment group, nor are we day-traders... as a community we recognize that effective communication, respect, transparency and sharing of information builds a strong community... to that end, we are a group that has invited friends and family to participate, so we can grow together..."
BEES.Social is the #1 Crypto Education System in the World For Everyday People!
Subscribe to this BeesSocialTV https://www.youtube.com/c/BeesSocialTV/
Learn more about DeFi Yield Farming Crypto
http://Yield-Farming-Crypto.farm
https://www.youtube.com/playlist?list=PLT3ArNsa9k19UeQ5RLppkhkhHCKFOKZyV
00:00 Blockchain Smart Contracts Explained
00:11 What is a Smart Contract in Blockchain
07:05 Why Does Blockchain Need a Smart Contract
09:23 How Does a Blockchain Smart Contract Work
12:25 Who Controls a Blockchain
15:49 Which Blockchains Support Smart Contracts
16:36 Can Bitcoin Do Smart Contracts
Visit BEES.Social exchange to purchase crypto tokens https://app.bees.social/exchange
https://www.facebook.com/groups/beessocalforyou
https://www.linkedin.com/company/cryptoswarm/
https://twitter.com/Crypto_Swarm
https://vimeo.com/beessocial
https://www.reddit.com/user/BEESSocial
https://vimeopro.com/beessocial/yield-farming
Learn more about crypto and DeFi https://bees.social/live-stream/
Watch Video
