What is Smart Contracts in Blockchain ?

Smart contracts, first proposed by Nick Szabo in 1994, are simply programs stored on a blockchain that run when predetermined conditions are met. They are used to automate execution of agreements so that all participants are aware of outcomes and abide by them; without any time loss or intermediaries’ involvement to enforce outcomes. Ethereum is world’s most popular smart contracts platform that uses Solidity for writing smart contracts that run on Ethereum Virtual Machine.

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