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What is a blockchain smart contract (a smart contract in blockchain)

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What is a blockchain smart contract (a smart contract in blockchain)

What is a blockchain smart contract? According to cryptoglobal, what is a blockchain smart contract? This technology achieves standardization by defining and modifying contract types. It contains a series of rules, conditions, and procedures. When it comes to specific business scenarios, corresponding transaction terms or agreements need to be formulated based on these rules. Due to the distributed nature of blockchain technology, it is difficult to program and execute. Therefore, developers should consider this issue when designing a blockchain based system, in order to build a decentralized system with security guarantees to handle various applications

The smart contract

blockchain is a new Distributed database technology, which uses the point-to-point mechanism to manage transactions and data. Smart contract is a protocol (such as Bitcoin) generated and saved on the blockchain using Cryptography, which eliminates the possible concerns of participants such as centralized servers, exchanges or third-party intermediaries, so that developers can easily deploy their own smart contract applications without writing any code Although smart contracts have a similar structure to traditional systems, they have different functions and characteristics: they are determined by a node to run or they can specify what activities to perform during a specific time period for a certain event; The smart contract itself is not a separate entity.

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