Understanding smart contracts

A blockchain smart contract can be thought of as a tiny bit of logic or code that can communicate with a blockchain. An easy illustration is a contract that is programmed to automatically split payments between you and another party on the blockchain. You could also refer to those scripting frameworks as contracts, and they are used in implementations such as Bitcoin. Ethereum stands out from other platforms because its smart contracts can be highly intricate, play a vital role in a system, and are permanently stored on the blockchain. These compact pieces of distributed global code are known as smart contracts. In fact, developing blockchain-based applications can become sufficiently challenging.

Smart contracts can be written in a few languages, such as an assembly-like language, which is challenging and requires extremely skilled programming, or in a higher-level language designed specifically for smart programming. Solidity is a well-known example...