There are two widely-used programming languages for writing Ethereum smart contracts-- Solidity and Serpent. The network transactions are run in a smart contract, which is processed and carried out by the blockchain immediately. So, whenever a transaction occurs between the nodes, a function is invoked that calls the smart contract, and the processing begins.
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Hence, the smart contract transaction can be submitted to any node on the blockchain, which broadcasts it to the whole network so that all the nodes will see the transaction. Using a blockchain network, we can turn these contracts into executable programs-- known in the market as smart contracts-- to open a wide range of brand-new possibilities.
A smart contract can not include ambiguous terms nor can particular possible situations be left unaddressed. To some extent, the failure of contracting parties to understand the smart contract code will not be a hindrance to participating in secondary code contracts. This is because for lots of basic functions, text design templates can be developed and utilized to suggest what parameters need to be gone into and how those specifications will be carried out.
It allows blockchain designers to examine the program at runtime rather than compile-time. While the smart contract code is installed inside a chaincode bundle on an organizations peers, channel members can just carry out a smart contract after the chaincode has been specified on a channel.
The smart contracts inside the chaincode can then be executed by channel members, based on the recommendation policy specified in the chaincode meaning. Smart contracts allow trusted arrangements and transactions to be undertaken among unique confidential celebrations without needing a legal system, external enforcement, or a main authority.
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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