Do Smart Contracts Really Guarantee Payment?

There are two widely-used shows 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 automatically. So, whenever a transaction takes place between the nodes, a function is invoked that calls the smart contract, and the processing begins.

https://vimeopro.com/beessocial/blockchain-smart-contracts/video/552041011

Subscribe to BEES.Social on Youtube https://www.youtube.com/c/BeesSocialTV/videos

Hence, the smart contract transaction can be submitted to any node on the blockchain, which transmits it to the whole network so that all the nodes will see the transaction. Utilizing a blockchain network, we can turn these agreements into executable programs-- known in the market as smart contracts-- to open a wide variety of new possibilities.

A smart contract can not include ambiguous terms nor can specific potential circumstances be left unaddressed. To some extent, the inability of contracting celebrations to comprehend the smart contract code will not be a hindrance to participating in ancillary code contracts. This is due to the fact that for numerous basic functions, text templates can be produced and used to indicate what criteria require to be gotten in and how those parameters will be executed.

It makes it possible for blockchain designers to examine the program at runtime rather than compile-time. While the smart contract code is installed inside a chaincode package on a companies peers, channel members can only perform a smart contract after the chaincode has been specified on a channel.

Due to their performance to remove administrative overhead, smart contracts are among the best features of blockchain innovation. Most importantly nevertheless, the execution of a smart contract is a lot more efficient 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://session.beessocial.us/portal

Watch Video