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What are Smart Contracts in Blockchain?

This question is about what are Smart Contracts


Asked On2022-06-11 02:04:39 by:KiranKumar-Yerriboina

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In today’s vernacular, smart contracts refer to computer programs that are deployed and executed on blockchain networks. They are being used to facilitate all kinds of functions from decentralized asset exchange to decentralized lending to blockchain-based asset issuance and tokenization. They were initially proposed by computer scientist and cryptographer Nick Szabo in the 1990s. He called vending machines a “primitive ancestor of smart contracts,” since they take coins and dispense a product and the correct change according to the displayed price. Smart contracts execute under a predefined set of conditions and once they are deployed to a blockchain, they cannot be “undeployed”. Anyone with the technical expertise to code them can deploy them. And theoretically, anyone with sufficient funds to cover transaction fees can interact with them once they are deployed. 

Answerd on:2022-06-23 Answerd By:Ashwini-Raddekar

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