How are you? By Allah's grace, I'm doing very well. Today, the topic I want to discuss is Smart contract.

Source

Smart contact is very similar to normal contact. The difference lies in the contact paper, while Smart Contact is a computer program. The idea of ​​smart contract was first published by Nick Szabo in 1994. But in 2013, Vitalik Buterin, a 19-year-old programmer, introduced smart contracts to blockchain. And when smart contracts are combined with blockchain, a very useful combination is created. As I said smart contract is a computer program. Where the rules, terms and conditions of the contract are stored in the blockchain in computer program form.

Source

There are limited blockchains that support smart contracts. Ethereum has a special niche called Solidity. Using the Solidity language we can develop smart contracts on the Ethereum blockchain. If we introduce the smart contract to the blockchain, then the smart contract that was previously centralized and all stored in one place will now not be stored in one place and will not have any centralized authority. It will be fully decentralized. Even two people who do not know or trust each other can do business with each other with the help of smart contracts. Let me explain it to you in a simpler way. Suppose a vending machine has snacks and drinks.

Source

Now if you want to buy something then you have to pay money inside the machine first then you can select the one you want to buy and take snacks or drinks. It does not issue a trust. This is exactly how smart contracts work. Like you made a smart contract with someone that I need that phone in two hours and you saved the smart contract by coding ether and paid but if the seller can't complete the task then your ether will come to your wallet. You will not have any problem with this.

Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.