Smart contract characteristics - A detailed guide
An Introduction to Smart Contracts Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They are used to automate the execution of an agreement enabling all participants to obtain outcome, without any intermediaries involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met. Logics behind smart contracts The idea behind this is that contracts are represented in software and hardware in such a way that performance and consideration are predetermined by the program logic. Each transaction in smart contract is validated by a peer-to-peer network and recorded in an immutable chain of entries. The Future of Smart Contracts Smart contracts are being used across many industries. In the Utilities industry, smart contracts are efficiently governing the distribution of energy in microgrids. Devices in a microgrid are linked by smart sensors enabled b...