Ownership in smart contracts

Ownership is an important concept in smart contracts. Smart contracts are custodians of digital assets. These assets are of value and can be traded on exchanges as well. Smart contracts are capable of transferring these assets between addresses. It is also possible to have certain logic within smart contracts where only privileged users should be able to execute it. These functions are not meant for all other users of smart contracts. Again, instead of one, there could be multiple owners of a contract, also known as multisignature (MultiSig) contracts. Approvals or signatures of all the owners within a MultiSig contract are required to execute the privileged function. Now, we will explore ownership-related patterns within Solidity.