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.

In their simplest definition, smart contracts are agreements between parties that are written in lines of computer code. They are self-executing; meaning, they do not need trusted party supervision to get done. They allow parties to transact with each other in a trusted manner anonymously, from all over the world, without any authority to validate their shared transactions. The execution of such transactions does not depend on any legal system or enforcement mechanism either.

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/

Relevant Quotes

Cirium
Leveraging smart contracts can eliminate or simplify the significant efforts that are spent on contracts, monitoring of the fulfillment stage, reconciliation, invoicing, and settlement. David White, VP Market Strategy

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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?