Ashish Jaiswal 32 Questions 69 Answers 1 Best Answers 795 Points View Profile 2 Ashish Jaiswal BlockchainProfessional Asked: January 27, 2019 What are Smart Contracts? 2 Rate this post Let’s share what are Smart Contracts. ShareTweetShare0 Shares smart contracts Share Facebook 5 Answers Voted Oldest Recent Ramesh Karanam 5 Questions 2 Answers 0 Best Answers 51 Points View Profile Ramesh Karanam BlockchainLearner Added an answer on January 30, 2019 at 6:44 am A smart contract is a programmable code which can trigger actions when a predefined condition are met or not met. Also known as a cryptocontract, it is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions. There are many possible use cases for Smart Contracts like: • A smart contract built on a blockchain, can keep track of all content ownership rights of a Music or a Publishing company so that copyright privileges allow the holder to receive a royalty fee every time this content is used for commercial purposes. • Insurance companies can automate insurance policies where claims process can be triggered automatically by a Smart Contract when the input conditions in insured event such as natural calamities occur. The measurable parameters like wind speed, earthquake magnitude, hurricane location etc., can be recorded on Blockchain for verification. • In logistic scenario, the location of container can be tracked and information messages or further actions can be triggered. • In procurement scenarios, stock levels can be tracked and replenishment orders can be triggered automatically once the stock reaches re-order level. 2 Login to Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp spark Bangalore, India 0 Questions 1 Answers 0 Best Answers 15 Points View Profile spark BlockchainLearner Added an answer on January 28, 2019 at 4:36 pm A smart contract, similar to physical contract, is a computer program stored inside a blockchain. It is a self-executing and immutable program that stores rules for negotiating the terms of an agreement, automatically verifies fulfillment and executes the agreed terms without any dependency on third party. As a result, parties making agreement can transact directly with each other establishing business relations without any intermediary. 2 Login to Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Faseeh Ahmad South West Delhi, India 5 Questions 21 Answers 0 Best Answers 246 Points View Profile Faseeh Ahmad BlockchainProfessional Added an answer on March 11, 2019 at 1:22 pm A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are immutable 1 Login to Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp XHarbor123 Hong Kong 4 Questions 19 Answers 0 Best Answers 204 Points View Profile 天宮一號司令 BlockchainLearner Added an answer on May 19, 2019 at 3:33 pm Smart Contracts are self-executing contractual states, stored on the blockchain, which nobody controls and therefore everyone can trust. 0 Login to Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Alhimik alhimik2011 1 Questions 10 Answers 0 Best Answers 107 Points View Profile Alhimik BlockchainPractitioner alhimik2011 Added an answer on May 19, 2019 at 5:31 am Smart contracts are basically computer programs that can automatically execute the terms of a contract. When a pre-configured condition in a smart contract among participating entities is met then the parties involved in a contractual agreement can be automatically made payments as per the contract in a transparent manner. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. A smart contract, also known as a cryptocontract , is a computer program that directly controls the transfer of digital currencies or assets between parties under certain conditions. … These contracts are stored on blockchain technology, a decentralized ledger that also underpins bitcoin and other cryptocurrencies. A smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract processed by the blockchain, which means they can be sent automatically without a third party. 0 Login to Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer.