Sanjay Nihaal blogs

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What is a smart contract? A smart contract is a computer algorithm that controls the completion of a transaction. It is entered into the blockchain and remembered forever. The conditions are the same for everyone and cannot be changed or deleted by anyone. A smart contract makes financial transactions automatically, without human intervention, according to conditions written in advance. Example 1 . You and a friend bet on the outcome of a football match. You make bets in the blockchain in the form of transactions, which are stored there until the end of the game. When the match ends, the smart contract automatically checks its outcome on one of the sports sites and transfers all the money to the winner. Example 2. You ordered a product through an online store. Payment for the goods is recorded on the blockchain, and only after confirmation by the courier that the goods have been delivered, the money goes to the owner. Nobody will deceive anyone, everyone sees...