Smart contracts defined

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.

How smart contracts work

Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions  when predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.

Within a smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when...then…” rules that govern those transactions, explore all possible exceptions, and define a framework for resolving disputes.

Then the smart contract can be programmed by a developer – although increasingly, organizations that use blockchain for business provide templates, web interfaces, and other online tools to simplify structuring smart contracts.

Benefits of smart contracts :

peed, efficiency and accuracy

Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents.

Trust and transparency

Because there’s no third party involved, and because encrypted records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.

Security

Blockchain transaction records are encrypted, which makes them very hard to hack. Moreover, because each record is connected to the previous and subsequent records on a distributed ledger, hackers would have to alter the entire chain to change a single record.

Savings

Smart contracts remove the need for intermediaries to handle transactions and, by extension, their associated time delays and fees.

reference

as you study the top text their are many definition for he smart contract and in this dashboard again we want to analysis the the other mean of the smart contract, the thing that we want to analysis is number of the transaction in the different time .

so lets start the dashboard.

as you know in this dashboard I analysis the number of the transactions in the different time again I divide my topic for the 4 part I do this for the better understand as you know all of the chart has their own mean and the the different time and different chart we can find the new thing as you see in the top chart more than 74% of the address is depend on the one address its mean that by the time its not change and it can save their stability .

at the button I find the top new smart contract.

in the top 8 chart I analysis the transaction with the different chart and also with the different time and all of this is for the better understand of the charts speak because each chart have their own speech.

from my opinion this are the top new 10 smart contract because I think that the smart contract is the contract that have the more transaction in the day even in the second and as you see in the topic charts I find that by the more transaction in the day and month and the year

the upper chart is for that see the difference from the top and the button and the table is for see the real number of them (it may you can not see the detail the other in the pie chart) because of that I use the table chart.

and I want to not that if you pay attention to the chart you can see that the charts are not the same and because of the order the looks like each other