There are two widely-used programming languages for composing 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 happens between the nodes, a function is invoked that calls the smart contract, and the processing begins.
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For this reason, the smart contract transaction can be submitted to any node on the blockchain, which broadcasts it to the entire 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 up a wide array of brand-new possibilities.
A smart contract can not consist of uncertain terms nor can certain possible scenarios be left unaddressed. To some extent, the failure of contracting celebrations to comprehend the smart contract code will not be a barrier to participating in ancillary code agreements. This is due to the fact that for many fundamental functions, text templates can be produced and used to indicate what specifications need to be entered and how those criteria will be executed.
As the adoption of blockchain spreads, and as more assets are tokenized or go "on chain," smart contracts will become significantly complex and efficient in dealing with sophisticated transactions. When a sufficient variety of companies have approved to the exact same chaincode meaning, the meaning can be committed to the channel.
Due to their functionality to eliminate administrative overhead, smart contracts are among the very best functions of blockchain technology. Most significantly however, the execution of a smart contract is a lot more effective than a manual human business procedure.
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
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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
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