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What is Smart Contracts

AI-Enabled Agile Internet of Things for Sustainable FinTech Ecosystems
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally.
Published in Chapter:
Blockchain Platform to Resolve Security Issues in IoT and Smart Networks
Pawan Whig (Vivekananda Insitute of Professional Studies, India), Arun Velu (Equifax, USA), and Rahul Reddy Nadikattu (University of the Cumberlands, USA)
DOI: 10.4018/978-1-6684-4176-3.ch003
Abstract
IoT provided a unified operating picture across a wide range of modern-day applications. The operating image is accomplished thanks to improvements in wireless sensor network devices that can interact over a network, exchanging data and executing various analyses. The only way to share information and authenticate data in the internet of things is through a central server, which raises security and privacy problems. Device spoofing, incorrect authentication, and a lack of data exchange dependability are all possibilities. A central server idea is abolished, and blockchain technology is used as part of IoT to solve such security and privacy problems. This chapter examines the potential security and privacy concerns associated with component interaction in the internet of things, as well as how the distributed ledger-based blockchain technology might help. Here, in this chapter, the authors discuss the application of BC to certain areas and categories. Various IoT and IoT with BC problems were also highlighted in order to better comprehend blockchain technology's role.
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The Mobility Open Blockchain Initiative: Identity, Members, Technologies, and Future Trends
A transaction protocol or program that allows for the auto tracking and execution of specific digital terms to be upheld throughout the transaction.
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The Nexus of Smart Contracts and Digital Twins Transforming Green Finance With Automated Transactions in Investment Agreements: Leveraging Smart Contracts for Green Investment Agreements and Automated Transactions
Self-executing programmes that have predetermined parameters encoded into the code. They use blockchain technology to conduct contracts and enforce them automatically when certain circumstances are satisfied.
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Blockchain and Copyright: Challenges and Opportunities
A computer program stored on a decentralized network that runs when predetermined conditions are met without the involvement of an intermediary.
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The Future of Decentralized Governance With DAO and Web 3
These are programs/code that automate the workflows for transactions of value and assets on blockchain in a transparent and secure manner without intermediaries. This streamlines processes like crowdfunding, proof of work payments and distributed computing.
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Blockchain Technology: Concepts, Components, and Cases
A smart contract is a digital code that enables the execution of a contract between two parties through blockchain, without involvement of any legal system. The transactions emanating out of the contract are also recorded on blockchain and are therefore immutable.
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Analysis of B2B Blockchain Apps Using Hyperledgers and Their Implications in This Digital Era
They allow the participants of a business transaction to do their transactions without any intermediary or any centralized trusted authority.
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The World of NFTs (Non-Fungible Tokens): The Future of Blockchain and Asset Ownership
A small piece of code that runs on the Blockchain nodes to deploy business components.
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Blockchain Risk and Uncertainty in Automated Applications
A computer program which is embedded in a blockchain based system that verifies whether all the conditions necessary for a transaction are being met or not before allowing a transaction.
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Metrics, Platforms, Emulators, and TestNets for Ethereum
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Mechanism for the Systematic Generation of Functional Tests of Smart Contracts in Digital Publication Management Systems
It is programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.
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Blockchain-Enabled Supply Chain Management: Embracing the 4th Industrial Revolution and Digital Transformation for Competitive Advantage
Self-executing contracts that automatically execute and enforce predefined terms and conditions once the specified conditions are met. Smart contracts are coded on blockchain platforms and enable secure and efficient execution of transactions between supply chain stakeholders, ensuring transparency and eliminating the need for intermediaries.
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Role of Smart Contracts in Halal Supply Chain Management
Blockchain-based technology that make many parties to deal electronically based on prior sets of rules and agreements.
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Marketing-Mix Metamorphosis and New Trusted Business Practices
Software programs that code business arrangements and that execute themselves automatically under pre-determined circumstances which are also coded.
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The Development of Decentralized Governance Models for Web 3 Ecosystems
Self-executing contracts in which the conditions of the buyer-seller agreement are directly written into code.
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New Era in the Supply Chain Management With Blockchain: A Survey
Digital agreements between transacting parties written in computer code and deployed to the blockchain.
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Revolutionizing Health Data Management With Blockchain Technology: Enhancing Security and Efficiency in a Digital Era
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code. They automate the execution of an agreement so that all participants can be immediately certain of the outcome.
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Consumerism and Blockchain Technology: The Application of Technology to Improve Market Equalization
A set of digitally defined rules based on protocols in which participants can decide to automatically enforce these rules.
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Blockchain Technology in Securitization in India
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.
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Data Confidentiality, Integrity, and Authentication
Its basically provide a decentralized platform that can be utilized to avoid the intermediately in a contract. It’s an automated computerized protocol used for digitally facilitating, verifying, or enforcing the negotiation or performance of a legal contract by avoiding intermediates and directly validating the contract.
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Blockchanging Money: Reengineering the Free World Incentive System
Software programs that code business arrangements and that execute themselves automatically under pre-determined circumstances which are also coded.
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Using Blockchain for Smart Contracts
A computer code which control the movement of digital financial assets between the parties concerned in different activities based on a predefined rules.
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Blockchain in the Insurance Industry: Use Cases and Applications
It was introduced by Nick Szabo in 1994 according to some sources and in 1996 according to some sources. Szabo, which is both a legal and programming infrastructure, defines the term “contract” as dizi a series of agreements or promises between agents/agents.”
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Assessing the Integration of Blockchain and Supply Chain Management: The Case of China
Self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code. These contracts automatically enforce and execute the terms of an agreement based on predefined rules.
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Advancements in Blockchain Technology With the Use of Quantum Blockchain and Non-Fungible Tokens
A piece of code return to perform a desired work automatically for example, smart contract might establish the conditions for transferring corporate bonds, the terms of payment for travel insurance, and many other things.
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Blockchain for Transformation in Digital Marketing
Trackable and unalterable, credible contracts which can be exchanged using Blockchain technology over any public network without the involvement of a third party. They are typically used to automate agreement execution between parties transacting over blockchain networks or triggering process workflows.
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Blockchain Basics: A Deep Dive Into the Blocks, Chains, and Consensus
Refer to self-executing contracts with the terms of the agreement directly written into code, enabling automated and trustless execution of contractual clauses.
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Artificial Intelligence and Blockchain-Driven Islamic Capital Markets
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.
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Blockchain Technology in Solar Energy
A set of promises, specified in digital form, including protocols within which the parties perform on these promises.
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Blockchain Integration Into Supply Chain Operations: An Analysis With Case Studies
Smart contracts are computer programs that can be assigned an address on a blockchain. Their code can execute and address transactions to other parties on the blockchain according to the state of the blockchain or according to the transactions they receive based on certain pre-defined terms. Smart contracts are useful to introduce automation to the blockchain.
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Use of Smart Contracts and Distributed Ledger for Automation
Computer codes that are capable of executing a term of negotiation, partnership rules, or an agreement between parties on the Blockchain network are known as Smart Contracts
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Non-Technological and Technological (SupTech) Innovations in Strengthening the Financial Supervision
An intelligent (digital) contract, which can perform itself automatically on fulfilling specified conditions.
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Blockchain Governance for Collaborative Manufacturing
Name given to executable code stored on a blockchain. Smart contracts behave like transactions in that they must be mined and appended to a block. They can store simple code, which deterministically executes predefined logic.
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Blockchain: A Resource of Competitive Advantage in Open and Distance Learning System
An application running on a custom-built Blockchain according to the manner it was programmed where there is no possibility of downtime, fraud, censorship, and interference by any third-party.
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Harnessing Blockchain and Decentralized Finance in the Post-COVID-19 European Union: The Case of the Circular Economy
Computer programs that run when determined conditions are met and its operations are recorded on a blockchain.
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Digital Marketing Perspectives: Challenges and Opportunities Raised by Technology
Are self-executing contracts that are coded and stored on a blockchain. They are essentially computer programs that automatically execute the terms of a contract when certain conditions are met.
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Demystifying Federated Learning for Blockchain: A Case Study
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally.
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Blockchain Use Cases in Healthcare
A program or transaction protocol that enables automatic execution, control and documentation of legal events and actions based on the terms of an agreement.
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The Role of Blockchain in C2C E-Commerce Business Models
A transaction protocol which runs automatically, and participants need to fulfil the terms of smart contract.
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Blockchain and Its Integration as a Disruptive Technology
Its basically provide a decentralized platform, which can be utilized to avoid the intermediately in a contract. It’s an automated computerized protocol used for digitally facilitating, verifying or enforcing the negotiation or performance of a legal contract by avoiding intermediates and directly validating the contract.
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Blockchain in Advertising and Marketing: Revolutionizing the Industry Through Transparency and Trust
A self-executing code into which a business contract (such as the terms of the buyer and seller agreement) is coded using a programming language such as Solidity. The contract gets enforced (automatically executed) upon the occurrence of events. Automatic payments for advertisement campaigns can be made using this.
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