Smart Contracts are similar to the traditional contracts but the difference is smart contracts are enforceable by code where traditional contracts are enforceable by law. Thus Smart Contracts can revolutionize the way the business and people interact. In this blockchain project, we will learn how to build a smart contract using the Ethereum Blockchain platform.
How Smart Contract works?
Smart contracts are digital contracts that contain security coding of the blockchain. It consists of details and permissions written in code and it requires the exact sequence of events to take place to start the acceptance of the terms mentioned in the smart contract. It also consists of time constraints that display the deadlines of the contract.
For instance, Alice is a homemaker who wants to clean her lawn so she uses a blockchain marketplace and specifies the amount of cryptocurrency that she is willing to pay. Similarly, Bob is a man eager to earn money by doing part-time jobs and he accepts to take the job. Now the blockchain market place creates a smart contract for the lawn mowing job and if Alice confirms that the job is done the money will be transferred to bob’s account else the smart contract will automatically revert back the money to Alice.
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Benefits of Smart Contract
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Tools required to implement the Ethereum smart contract
Node.js - Serverside programming language used to test the functionality of the Ethereum smart contract and ensures secure operation.
Ganache GLI - Ethereum RPC (Remote Procedure Call)
Parity - Fast and Secure Ethereum client used to manage tokens, accounts, and so on.
Visual Studio Code - A text editor
Steps followed to build a smart contract on Ethereum
Smart contracts can revolutionize industries such as banking, eCommerce, real estate, and healthcare. Hope you got an overview of how to create smart contracts using the Ethereum platform. You can get the whole code for this project from GitHub.
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