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What is smart contract technology21

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What is smart contract technology21

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  1. What is smart contract technology Blockchainx

  2. What is the purpose of smart contracts on the blockchain? Since smart contracts are a program that runs on the blockchain, users have to send transactions to the blockchain to start the program. Once the codes are defined and the logic is locked, then the program can be executed there. the main objective of smart contracts is to simplify business transactions between parties, by eliminating the intermediaries involved in traditional business processes.

  3. How do smart contracts work? As already mentioned, smart contracts represent computer protocols or, in simple words, pieces of code that are a fundamental technological element. They serve to specify all the conditions of the agreement that is concluded between the parties to the transaction in the blockchain. As soon as these conditions are met, the smart contract will automatically perform a transaction. A blockchain-based system allows its participants to reduce intermediaries and excessive paperwork, since it is based on the public ledger, in which any interested party can verify all transactions. The central requirement here is to describe all the conditions of the agreement by means of mathematical rules with suitable programming languages

  4. Who created smart contracts?The idea of ​​smart contracts was originally introduced by Nick Szabo , a well-known American cryptographer. In 1996, he published his article on smart contracts in Extropy magazine , where he predicted the benefits and features of blockchain contract applications. He later developed this concept in several articles in later years.Ian Grigg and Gary Howland were the other contributors to the idea of ​​smart contracts. They published their work on Ricardian contracts as part of the Ricardo payment system in 1996.

  5. Website : https://www.blockchainx.tech/bridge-smart-contract-development Mail : contact@blockchainx.tech Company : blockchainx

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