There are two widely-used shows 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 takes place in between the nodes, a function is invoked that calls the smart contract, and the processing starts.
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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. Using a blockchain network, we can turn these agreements into executable programs-- understood in the industry as smart contracts-- to open a wide range of new possibilities.
The neutrality and automation required of smart contracts can run contrary to how business parties in fact negotiate agreements. Throughout the course of negotiations, parties implicitly take part in a cost-benefit analysis, knowing that eventually there are diminishing returns in trying to think of, and address, every imaginable scenario.
One of the crucial promises of blockchain technology, and by extension smart contracts, is the development of robust, decentralized and worldwide platforms. The party offering terms under a smart contract would for that reason be best-served by specifying the governing law and place for that smart contract. A governing law provision defines what substantive law will apply to the analysis of the smart contract, whereas a place stipulation specifies which jurisdiction's courts will adjudicate the conflict. Strength is a high-level programs language used for executing smart contracts on the Ethereum blockchain platform.
Due to their performance to remove administrative overhead, smart contracts are among the best functions of blockchain innovation. Most importantly nevertheless, the execution of a smart contract is a lot more efficient than a manual human business process.
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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