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What is Smart Contract

Blockchain Technology Applications in Education
Smart contracts are automatable and enforceable agreements, allowing for trackable and credible transactions on the Blockchain without the need for verification via third parties.
Published in Chapter:
Blockchain Applications in Lifelong Learning and the Role of the Semantic Blockchain
Alexander Mikroyannidis (The Open University, UK), Allan Third (The Open University, UK), John Domingue (The Open University, UK), Michelle Bachler (The Open University, UK), and Kevin A. Quick (Knowledge Media Institute, The Open University, UK)
Copyright: © 2020 |Pages: 26
DOI: 10.4018/978-1-5225-9478-9.ch002
Abstract
The emergence of the blockchain promises to revolutionise not only the financial world but also lifelong learning in various ways. Blockchain technology offers opportunities to thoroughly rethink how we find educational content and tutoring services online, how we register and pay for them, as well as how we get accredited for what we have learned and how this accreditation affects our career trajectory. This chapter explores the different aspects of lifelong learning that are affected by this new paradigm and describes an ecosystem that places the learner at the centre of the learning process and its associated data. This chapter also discusses the possibilities that will be afforded by the combination of trustworthy educational data enhanced with meaningful web-accessible linked data, and what these developments will mean for learners, educators, and the employment market.
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Blockchain Technology for the Internet of Things Applications in Apparel Supply Chain Management
Smart contracts are made from software coding and can self-perform autonomously. Depending on a range of factors, they may sometimes amount to binding contracts in the legal sense or otherwise affect legal relationships between parties.
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Blockchain and IoT Integration in Dairy Production to Survive the COVID-19 Situation in Sri Lanka
Computer program or transaction protocol that is intended to automatically execute, control, or document events and actions legally relevant under the terms of a contract or agreement.
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Blockchain Primer: Introduction to Blockchain Foundations and Implementation
A self-executing program or protocol which is controlled by explicit terms and conditions, which stores and carries out contractual clauses.
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Distributed Technologies and Consensus Algorithms for Blockchain
Agreement stored as an executable code and is triggered automatically on execution of a transaction without any intervention.
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Beyond Scattered Applications: A Taxonomy of Blockchain Outcomes in the Public Domain
A self-executing contract whose terms and agreements are written in the form of computer code that ensure the execution of transactions.
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Minimizing Risk of Disputes Among Telecommunication Carriers With Blockchain Technologies
Programs stored on a blockchain that run when predetermined conditions are met.
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Overcoming MSME Challenges With Blockchain
An agreement with sophisticated protocols that enables process automation and eliminates the need for middlemen or third parties.
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Blockchain Technology: Initiatives and Use Cases in the Industry
A smart contract is a computer protocol that facilities the transfer of digital assets between parties considering the already agreed-upon stipulations or terms.
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Tackle the Smart Contract Vulnerabilities
Is a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other.
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Smart Contract: Towards a New Contract Law?
A technology that, using the distributed ledger technology (DLT) blockchain, allows to create a negotiation process capable of running independently without human intervention, upon data assumptions.
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Considerations for Blockchain-Based Online Dispute Resolution
An instruction based transactional code which is used to self-execute conventional contracts between two parties.
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Smart Metering Systems: A Blockchain Application for Sustainable Procurement
It is a self-executing contract with the terms of the agreement between buyer and vendor being directly coded into a program. The code controls the execution, and transactions are trackable and irreversible.
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Cybersecurity and Data Privacy in the Digital Age: Two Case Examples
A program which is deployed in a blockchain network and can be used to determine how records are maintained on the blockchain based on specific program conditions.
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Blockchanging Politics: Opening a Trustworthy but Hazardous Reforming Era
An auto-executable piece of code implementing arbitrary rules on a computer with distributed consensus (a blockchain), such that when the code is live it cannot be censored or shut down. Smart contracts are analogous to the business logic instantiated in code in businesses and organisations around the world, the difference being that here the code runs on a code that no one party controls or can turn off.
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A Concrete Way to Develop Clinical Research in a Fair Way to the Users/Patients Using Blockchain Technology
A contract programmed with protocol codes that are self-executable stablishing restrictive rules in the same way of the traditional contract document. It has obligations, benefits, or penalties for all the parties involved.
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Blockchain Ecosystems in the Sharing Economy: An Evaluation for the Health Services Industry
It is a digital protocol. The process of a contract is automated by software and the process steps are performed automatically.
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Blockchain Reinventing the Healthcare Industry: Use Cases and Applications
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
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Blockchain and IoT-Based Diary Supply Chain Management System for Sri Lanka
Computer program or transaction protocol that is intended to automatically execute, control, or document events and actions legally relevant under the terms of a contract or agreement.
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The Impact of Blockchain Technology on the Financial Audit
A smart contract is an automated computer program that executes the terms of a contract. It is an agreement whose terms are written directly in lines of code. The smart contract enables the exchange of value (money, property, shares, or other assets) by automatically verifying compliance with rules and obligations.
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Developing Smart Contracts for Financial Payments as Innovation
A contract consisting of numerical computer code representing any entity or attribute data and properties.
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Blockchain for Supply Chain Management: Opportunities, Technologies, and Applications
Smart contracts are self-executing contracts with the terms of the agreement between business parties being directly written into lines of code and hosted in the blockchain.
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Emerging Technology and Today's Libraries
A smart contract is a code placed on a blockchain, which digitally enforces the performance of a contract. The most well-known smart contract platform is Ethereum.
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Smart Contract and Collaborative Platforms: Exploring the Impacts of the Computerized Transaction Protocol on the Collaborative Economy
Self-executing contract with the terms of the agreement between users and providers being directly written into lines of code.
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The Control of Transfer Pricing of Corporations by Blockchain Technology: Challenges and Solutions
Processing in the form of applications in which the flow of a work has already been planned and programmed and once created no one can intervene for changes.
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Blockchain Arbitration: A Supply Chain Perspective
A sort of digital agreement stored on a blockchain that self-executes when predefined conditions are met.
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Blockchain Technology as Enablement of Industry 4.0
A code that runs on the blockchain network and defines certain criteria that all parties must enforce.
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FinTech and Its Disruption to Financial Institutions
Computer programs that execute automatically based on conditions defined beforehand such as the facilitation, verification, or enforcement of the performance of a contract.
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Revealing the Disintermediation Concept of Blockchain Technology: How Intermediaries Gain From Blockchain Adoption in a New Business Model
A self-executing digital contract that automatically executes the terms and conditions of an agreement in a blockchain or distributed ledger technology.
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“Truth,” Lies, and Deception in Ponzi and Pyramid Schemes
A computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
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DAOs vs. PBCs for Public Administration and Social Policy Entities
Software executing contractual terms administering digital assets. Typically, such software executes in the context of a blockchain to provide assurances of trust for the execution of the contract.
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Review of the Blockchain Technology and Consensus Algorithms for IoT-Based Banking
A self-executing contract in which the conditions of the buyer-seller agreement are put directly into lines of code is called a smart contract.
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Blockchanging Trust: Ethical Metamorphosis in Business and Healthcare
A smart contract is a piece of code implementing arbitrary rules on a computer with distributed consensus (a blockchain), such that when the code is live it cannot be changed. Smart contracts are business logic that runs on a code that no one party controls or can turn off.
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Blockchain in Gaming
Smart contract can be defined as set of instructions being stored on a blockchain system which gets executed over a particular condition which is already defined earlier in a proper manner. Smart contacts get executed automatically which helps in reducing time wastage and this done over an agreement.
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Crypto Coins and Ethereum: Pioneering Decentralized Finance
A self-executing contract with the terms of the agreement directly written into lines of code.
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Industry Use Cases on Blockchain Technology
Template: Smart Contract Templates (SCT) reduce the required knowledge for defining a smart contract. A developer familiar with blockchain develops a smart contract that covers a wide range of possibilities and the SCT. The end user of the smart contract only needs to fill in parameters such as conditions and values. Resulting code represents a fully functional smart contract that can be used within the blockchain.
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Smart Contracts: An Overview
A computer programme that automates certain actions based on set codes and parameters and agreements between parties to the agreement.
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Digitalisation in Accounting: Is It a Risk or an Opportunity?
Is a process of coding and executing the terms of an agreement or contract through blockchain.
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Blockchains for Use in Construction and Engineering Projects
A simple computer program that resides in compiled format within the block data structure across a peer-to-peer network that runs whenever the chain is re-written. A set of instructions in the form of a checklist, executes the instructions held in the blockchain.
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Blockchain Tokenisation in Grant Management
An encoded set of rules typically programmed in high-level computer languages. A smart contract executes upon the fulfilment of certain conditions with clauses that are binding, unstoppable, and automatic, without the involvement of third parties.
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The Intersection of Cybercrime and the Blockchain
Computer code residing on a blockchain that responds to transactions directed to its address.
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End-to-End Tracing and Congestion in a Blockchain: A Supply Chain Use Case in Hyperledger Fabric
A smart contract is a vital component of a Blockchain; it is a self-enforcing agreement embedded in computer code managed by a blockchain. Agreement comes in force, automatically, when certain pre-agreed conditions are met.
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Appendable-Block Blockchains: Overview, Applications, and Challenges
Is a piece of code that can be embedded in the blockchain, allowing a remote execution when invoked.
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Blockchain Technology and Future Banking: Opportunities and Challenges
It is a program or protocol running on blockchain to automate the facilitation, verification, or enforcement of a contract when predetermined conditions are met.
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Blockchain and Its Applications in Healthcare
The digital agreement record between two or more entities stored in a dedicated database, in immutable manner.
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Transforming the Travel Landscape: Smart Contracts in Tourism Management
A self-executing computer program on a blockchain, automating predefined conditions without intermediaries, ensuring transparency and efficiency in various industries.
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Global Perspective: Legal Issues on DeFi Regulation in the European Union
The unique software in DTL, which encodes the logic of the business institution by executing the terms of the legal work (contract), protocols which by itself the designation 'intelligent contract' means the protocols (computer network) that is in able to execute the agreement.
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Blockchain Technology: Applications in the Industry
A smart contract is a computer protocol that facilities the transfer of digital assets between parties considering the already agreed-upon stipulations or terms. It is a self-executing code that comes into action when pre-agreed conditions are met.
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A Blockchain-Based Approach to Revolutionizing Healthcare
A software-based agreement that embeds all provisions of the arrangement explicitly into code between all stakeholders in an auto-deploying contract. Whenever the predefined requirements are fulfilled and validated, this code triggers the desired actions. Upon confirmation of the transaction, the blockchain gets updated. The automated nature of these processes, coupled with the preset parameters, makes them more reliable and safer than other methods of action assignment.
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Smarter Data Availability Checks in the Cloud: Proof of Storage via Blockchain
A decentralised computer program that is used to digitally facilitate, verify, or enforce a contract’s clause without relying on a single trusted third-party arbiter. The contract code is usually stored in a blockchain and is executed by all nodes of the blockchain network.
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Fintech and Shariah Principles in Smart Contracts
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Blockchain-Based Technology in Corporate Governance: A Transformative Approach
A self-executing contract with the terms of the agreement directly written into lines of code, typically on a blockchain. Smart contracts automatically enforce and execute the terms of an agreement when predetermined conditions are met, reducing the need for intermediaries and increasing efficiency and security.
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Cryptocurrency Adoption
A self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts can be used to automate and verify transactions without intermediaries.
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Contract Lifecycle Management: Processes and Benefits
A set of promises, specified in digital form, including protocols within which the parties perform on these promises.
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Energy Informatics Using the Distributed Ledger Technology and Advanced Data Analytics
Smart contracts are the digital equivalent of a legal contract between two parties or nodes in digital world. Smart contracts are self-executing contracts with the term of agreement written in to a code within a distributed ledger technology network
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Cost-Effective Solutions Using Smart Contracts in Blockchain for Commercial Residential Midrise Building Developers and Consumers
A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document events and actions according to the terms of a contract or an agreement.
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Overcoming MSME Challenges With Blockchain
An agreement with sophisticated protocols that enables process automation and eliminates the need for middlemen or third parties.
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Blockchain Revolution in Education and Lifelong Learning
Smart contracts are self-executing, programmable contracts that automate and enforce the terms of an agreement or transaction within a blockchain network.
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