·6 min read
What is smart about smart contracts?
Okay, let’s say you want to buy a nice watch from an online vendor, but you are too scared to pay this unknown vendor online, probably because of stories or personal experience. But this vendor too can’t trust you enough to send you the watch before you pay them.
This is the major problem that the smart contract solves.
Smart contracts are sets of programs that run when the conditions set by the creator are met. These actions could include releasing funds to the appropriate parties, registering a product, sending notifications, or issuing a ticket. The blockchain is updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission to see the results can see them.
Data on the blockchain ledger may be read and updated using these codes. Business logic may be converted