Smart contracts work on blockchain by executing predefined agreements automatically when certain conditions are met. Written in code, these contracts are deployed onto a blockchain, where they become immutable and transparent. During smart contract development, developers encode the terms and conditions of the agreement. Once on the blockchain, the smart contract monitors for specific triggers or inputs. When the conditions are satisfied, the contract self-executes, facilitating actions such as transferring funds, verifying transactions, or enforcing contractual obligations without the need for intermediaries. This process ensures trust, reduces costs, and enhances the efficiency of transactions across various applications.
Smart contracts work on blockchain by executing predefined agreements automatically when certain conditions are met. Written in code, these contracts are deployed onto a blockchain, where they become immutable and transparent. During smart contract development, developers encode the terms and conditions of the agreement. Once on the blockchain, the smart contract monitors for specific triggers or inputs. When the conditions are satisfied, the contract self-executes, facilitating actions such as transferring funds, verifying transactions, or enforcing contractual obligations without the need for intermediaries. This process ensures trust, reduces costs, and enhances the efficiency of transactions across various applications.