Smart contracts are programs stored on a blockchain that automatically execute the terms of an agreement. They consist of conditions and rules that are triggered when contract terms are met. The concept of smart contracts was first introduced in 1994 as a way to make electronic transactions more transparent and efficient. Today, smart contracts are written in programming languages like Solidity and power applications on blockchain networks, allowing them to automate processes in industries like finance, real estate, and supply chains. The document promotes certification courses from the Blockchain Council for individuals to develop skills in creating smart contracts and building careers in the blockchain field.

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What is Smart Contract and How does it
work?
The evolution of Blockchain technology has brought with it some amazing changes and
developments, and they have been the most transforming ones in recent years.
Blockchain has given us many benefits like decentralization, transparency, peer-to-peer
interaction and more, with all these set of advantages, one thing that needs a mention is
about smart contracts. The latter has completely transformed how the business
operates, and agreements are executed. In this blog, we will be elaborating on the
working of smart contracts and its benefits.
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What is a smart contract?
Before heading to understand the importance of the smart contract, let's have a quick
snap at what the smart contract is. In simple words, these are pre-programmed contracts
which have a set of terms and conditions that are decided by the two involved parties.
This contract runs on a Blockchain platform, and once the conditions are met, the
payment is executed.
Smart contracts are basically written in Solidity and are considered to be the creators of a
new era of contract execution.
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Working on smart contracts:
While many of us think that a smart contract is a new entrant, the fact of the matter is
that this concept was introduced in 1994. Yes, you read it right; the idea of smart
contracts was first proposed in the year 1994 by Nick Szabo. He was a computer scientist
who also invested virtual currency Bit Gold in 1998. Well, there are rumours that Szabo is
Satoshi Nakamoto, the man behind the revolutionary cryptocurrency.
Szabo wanted to transform the functionality of electronic transactions methods like POS
and make it more transparent and fast.
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A smart contract consist of different parts:
Signatories- These are the parties that are involved in the signing of the smart contract.
They decide the conditions and then give a final go forward regarding the proposed
terms via digital signature.
Subject – the subject is limited only within the contracts
Specific terms- These are detailed mathematical terms and implemented programming
language which is compatible with smart contract's Blockchain. It is based on these
specific terms that the contract is executed.
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Smart contracts use is not limited to just one field; it finds a multitude of use cases in
fields like supply chain, finance, real estate, education, and others. Blockchain developers
who have expertise in creating smart contracts hold a promising future. One can also
learn about smart contract creation by opting for certification courses in the same
domain. Blockchain Council is providing the right learning platform to those who wish to
make a career in this field. For more information, you can connect with the Blockchain
Council today.
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The way ahead
Blockchain and smart contracts are a few of the new technological developments that
have the potential to completely transform business operations. They can streamline the
processes, and at the same time, increase productivity by reducing the time. Hence, any
individual who holds expertise in this profile can surely take their career graph up by
opting for a blockchain certification course in this domain.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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Any questions?
You can mail us at
hello@blockchain-council.org
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