© Shilpa Karkeraa 2020
S. KarkeraaUnlocking Blockchain on Azurehttps://doi.org/10.1007/978-1-4842-5043-3_5

5. Smart Contracts

Shilpa Karkeraa1 
(1)
Mumbai, India
 
Let’s start with two definitions:
  • Contract – A written or spoken agreement, especially one concerning employment, sales, or tenancy, etc., that is intended to be enforceable by law.

  • Smart Contract – A programmable digital agreement that may be self-enforcing or self-executing or both, based on the nature of the agreement and transaction, made directly between involved stakeholders over a blockchain network.

Before drilling down into smart contracts, let’s understand their placement in the blockchain stack. Recapping the last couple of chapters, view Figure 5-1 bottom to top.
Figure 5-1

Layers ...

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