Smart contracts

Quick take - Smart contracts

Programmable, blockchain-based code agreements.

Smart contracts are programs stored on a blockchain that run when predetermined conditions are met. They are typically 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. They can also automate a workflow, triggering the next action when conditions are met.

“Smart contracts are digital agreements that exist as an immutable software program on the blockchain with conditions attached to its execution.” - (Source: What Is a Smart Contract? (https://chain.link/education/smart-contracts))

In depth

it is estimated that over 80% of smart contract use cases require real-world and external events data. Fortunately, oracles allow blockchains to communicate bidirectionally with the real world.

Need source.

Smart contract risk The code quality of smart contracts is dependent on the skill level and experience of team that developed it. Smart contract bugs, hacks, vulnerabilities, and exploits can occur, leaving users susceptible to loss of funds. Smart contract developers can mitigate this risk through security audits, peer-reviewed code, and sound testing practices.

Use cases

• Decentralized Finance
• External Payments
• NFTs, Gaming, and Randomness
• Insurance
• Enterprise Systems
• Supply Chain
• Utilities
• Authorization and Identity
• Government
• Sustainability
• Off-Chain Computation

https://blog.chain.link/44-ways-to-enhance-your-smart-contract-with-chainlink/

Timeline

Smart Contract Resources

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Timeline

Date	Media	Author	Title

Educational

Date	Media	Author	Title
N/A	Official Docs	Chainlink	What Is a Smart Contract?
08 Fe 22	Article	Chainlink	What Are Cross-Chain Smart Contracts?