What is smart contract technology

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What is smart contract technology

• Blockchainx

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• What is the purpose of smart contracts on the
  blockchain?
• Since smart contracts are a program that runs on
  the blockchain, users have to send transactions
  to the blockchain to start the program. Once the
  codes are defined and the logic is locked, then
  the program can be executed there.
• the main objective of smart contracts is to
  simplify business transactions between parties,
  by eliminating the intermediaries involved in
  traditional business processes.

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• How do smart contracts work?
• As already mentioned, smart contracts represent
  computer protocols or, in simple words, pieces of
  code that are a fundamental technological
  element. They serve to specify all the conditions
  of the agreement that is concluded between the
  parties to the transaction in the blockchain. As
  soon as these conditions are met, the smart
  contract will automatically perform a
  transaction.
• A blockchain-based system allows its
  participants to reduce intermediaries and
  excessive paperwork, since it is based on the
  public ledger, in which any interested party can
  verify all transactions. The central requirement
  here is to describe all the conditions of the
  agreement by means of mathematical rules with
  suitable programming languages

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• Who created smart contracts?The idea of ??smart
  contracts was originally introduced by Nick Szabo
  , a well-known American cryptographer. In 1996,
  he published his article on smart contracts in
  Extropy magazine , where he predicted the
  benefits and features of blockchain contract
  applications. He later developed this concept in
  several articles in later years.Ian Grigg and
  Gary Howland were the other contributors to the
  idea of ??smart contracts. They published their
  work on Ricardian contracts as part of the
  Ricardo payment system in 1996.

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• Website https//www.blockchainx.tech/bridge-s
  mart-contract-development
• Mail contact_at_blockchainx.tech
• Company blockchainx