smart contract dapps

1. What is a Smart Contract? Blockchainx

2. A smart contract is a digital code that is used to exchange assets, including stocks, money or property, without the need for intermediaries. • In technical terms, it is an automated or self-executing contract that contains the agreement between two parties embedded in code. • The smart contract is distributed, decentralized and transparent as it runs on blockchain technology. • The lack of intermediaries makes it an amazing concept as it can work automatically. The best comparison to this in the real world would be documents provided by lawyers.

3. How Smart Contracts Work? • In this section, we will take a closer look at smart contracts • Vitalik Buterin at a DC Blockchain Summit described smart contracts as a way to transfer assets or currency in a program. He also added that the program executes the code based on the conditions defined in it. It does this automatically and checks the information based on the information it gets. • The smart contract is Build a cross chain bridge executed when the condition is met. • If the condition is not met, the smart contract will be executed based on the provided condition. • One more important thing you mentioned is that a decentralized registry makes copies of the smart document or contract to establish immutability and security.

4. Smart Contract Example • The real estate sector is embracing blockchain. If in the distant future you decide to buy real estate using a blockchain-powered platform, then you can see smart contracts in action. • There are many parameters that must be taken into account during a real estate transaction. For example, you must set loan amounts, payment terms, and other unique conditions. • To activate the smart contract, you need to sign the smart contract and get it up and running. • For example, you decide to pay 20% in advance of the value of the real estate property. After that, you decide to pay the rest of the value of the property in installments and other conditions that you may have.

5. The seller creates a smart contract based on the conditions discussed. The smart contract goes live once you both decide that everything is documented correctly. • Over time, you will pay the installments and this will be recorded by the smart contract. • Ownership transfers to you once all payment is transferred to the seller. Everything is done automatically without the intervention of intermediaries or parties. • Compared to a real estate deal done through a traditional method, you will be able to save time and effort by completing the entire deal. • Both the buyer and the seller save money as there are no middlemen. • Additionally, the smart contract will notify all associated parties once an event occurs in the smart contract, including banks, buyers, sellers, and the insurer.

6. A Technical Example of a Smart Contract • After reading all this, you must be excited about the possibilities associated with smart contracts. Furthermore, to better understand what smart contracts can do and achieve, let's take a look at the smart contract powered by ethereum. • To ensure proper handling of high-quality assets, it is important to include two more players besides the buyer and seller: Appraiser and Inspector. The inspector is responsible for inspecting the assets before the buyer (Buyer) dapps development makes a purchase. • The appraiser is on the seller's side. It makes assets considerable for buyers. It also makes it easier for the seller to sell.

7. It also contains various states to define the condition of the smart contract. Currently, the smart contract that we are going to discuss includes 10 states which include: • Active • Offer placed • pending inspection • Inspected • appraised • notional acceptance • seller accepted • Accepted • Finished

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