Blockchain 2.O: A Smart Contract

Abstract

Blockchain technology has the ability to significantly lower transaction costs while also enabling faster and more secure operations. The financial industry has been influenced by the rapid growth of blockchain technology and cryptocurrencies. Finance is just one field where blockchain technology used for the first time. There are many other Health care, Agriculture, Food industries and many more industries where blockchain technology is being used. The only reason for the for rapid development and trust is decentralization and consensus protocols.With the advent of Blockchain technology, smart contracts came into being and are very popular today, but the question is what and what problems do they have. In this paper the details of the conversation will be done the same. The term smart contract was first used by Nick Szabo in 1997.Smart contract concept, to use a distributed ledger of the Blockchain platform to store contracts. Now smart contracts on Blockchain are like contracts in the real world. The only difference between a traditional contract and a Blockchain-based contract, is that they are completely digital. In fact a smart contract is actually a small computer program stored within a blockchain.Smart contract is a Self-executing and Self verifying block of code(agreements) which is useful for applications involving third party, that can operate independently. This chapter presents the study of smart contracts, how is i evolved. Chapter also discuss about how smart contract is different from the traditional contract from the technical point of view. Development platform are very important to understand to go into depth of the technicality related to Smart contract. paper also explores various Applications and platforms for Smart Contract.