Smart contracts, in their simplest forms, are programs that are written to perform a specific execution by their creator. Although contracts can be encoded on any blockchain flavor, Ethereum is the most preferred option since it provides scalable processing capabilities.
Ethereum allows developers to code their own smart contracts. Smart contracts can be used to do the following:
- Streamline the process of claim settlement by automatically triggering a claim when certain events occur
- Manage agreements between users
- Storing information about application such as health records and KYC information
In Ethereum, each contract is given an address so that it can be uniquely identified. This address is calculated by hashing the creator's ...