There are two widely-used shows languages for composing Ethereum smart contracts-- Solidity and Serpent. The network transactions are run in a smart contract, which is processed and carried out by the blockchain automatically. 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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For this reason, the smart contract transaction can be submitted to any node on the blockchain, which transmits it to the entire network so that all the nodes will see the transaction. Utilizing a blockchain network, we can turn these contracts into executable programs-- understood in the industry as smart contracts-- to open up a variety of new possibilities.
The objectivity and automation needed of smart contracts can run contrary to how business parties in fact negotiate arrangements. Throughout the course of negotiations, parties implicitly take part in a cost-benefit analysis, knowing that at some time there are diminishing returns in trying to think of, and address, every possible possibility.
It allows blockchain designers to inspect the program at runtime rather than compile-time. While the smart contract code is set up 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 defined in the chaincode definition. Smart contracts enable relied on agreements and deals to be undertaken amongst distinct anonymous 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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