Blockchain

Question	Answer
Smart Contract	A smart contract is a digital agreement stored on the blockchain that is unalterable, once signed. As an example: Conditions of releasing money to a third party delivery team- Suppose a sender wants to send goods to the receiver using a third party, but wants to pay money for delivery only after the delivery is successful. Then, a smart contract could be as follows: The sender pays the shipment money on the day of loading of goods. The smart contract will hold payment to the delivery team until the recipient confirms to the sender, the receipt of goods. Only then will the smart contract release the payment and automatically transfer the money to the delivery team.

Question

Answer

Smart Contract

A smart contract is a digital agreement stored on the blockchain that is unalterable, once signed. As an example: Conditions of releasing money to a third party delivery team- Suppose a sender wants to send goods to the receiver using a third party, but wants to pay money for delivery only after the delivery is successful. Then, a smart contract could be as follows: The sender pays the shipment money on the day of loading of goods. The smart contract will hold payment to the delivery team until the recipient confirms to the sender, the receipt of goods. Only then will the smart contract release the payment and automatically transfer the money to the delivery team.

Next up

Description

Resource summary

Similar

	Created by Ronak Sharma over 6 years ago