Smart contractA smart contract is a piece of computer software that is designed as an automated self-enforcing contract, which means it triggers certain... Read More execution refers to the process of executing a smart contract on a blockchainA Blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a... Read More. When a smart contract executes, it runs through the code stored on the blockchainA digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by... to determine what actions to take. Smart contract actions can involve sending or receiving payments, or transferring ownershipEvery transaction and block on a blockchain has an owner. An owner is any entity (person, group, or organization) with... Read More of assets, for example. For a smart contract to execute, it requires a trigger. Typically, this involves someone sending a transactionA transaction is a record of an event that occurred in the past. Transactions typically occur during the course of... Read More to the smart contract’s address. However, smart contract’s can auto-execute on other criteria as well. Time-based triggers (i.e., on a specific date) or data parameters such as the number of days without rain (i.e., a farmer’s insurance policy) are just a few examples.
