📌 Smart Contract Summary
A smart contract is a computer program that runs on a blockchain and automatically carries out agreements when certain conditions are met. It removes the need for middlemen, as the contract’s rules are written directly into the code and cannot be changed once deployed. Smart contracts are transparent, so everyone can see the terms and check that they are followed.
🙋🏻♂️ Explain Smart Contract Simply
Imagine a vending machine. You put in money, choose a snack, and the machine automatically gives it to you if you have paid enough. There is no shopkeeper involved because the rules are built into the machine. A smart contract works in a similar way, but it uses computer code and lives on the internet.
📅 How Can it be used?
Smart contracts can automate payments in a freelance job platform, releasing funds when work is approved by both sides.
🗺️ Real World Examples
In a crowdfunding platform, smart contracts can hold the money raised until a project reaches its funding goal. If the goal is met, the contract releases the funds to the project creator. If not, the contract automatically refunds the contributors without any human intervention.
For digital art sales, smart contracts can ensure that every time a piece of art is resold, a percentage of the sale price is automatically sent to the original artist. This helps artists receive ongoing royalties without relying on third parties.
✅ FAQ
📚 Categories
🔗 External Reference Links
👏 Was This Helpful?
If this page helped you, please consider giving us a linkback or share on social media!
📎 https://www.efficiencyai.co.uk/knowledge_card/smart-contract
Ready to Transform, and Optimise?
At EfficiencyAI, we don’t just understand technology — we understand how it impacts real business operations. Our consultants have delivered global transformation programmes, run strategic workshops, and helped organisations improve processes, automate workflows, and drive measurable results.
Whether you're exploring AI, automation, or data strategy, we bring the experience to guide you from challenge to solution.
Let’s talk about what’s next for your organisation.
💡Other Useful Knowledge Cards
Token Charts
Token charts are visual representations that show information about digital tokens, such as cryptocurrencies or NFTs. These charts display data like price changes, trading volumes, and historical trends over time. By viewing token charts, users can quickly understand how a token is performing and make more informed decisions when buying or selling.
Record Collation
Record collation refers to the process of collecting, organising, and combining multiple records from different sources or formats into a single, unified set. This helps ensure that information is consistent, complete, and easy to access. It is often used in data management, libraries, and business reporting to bring together data that might otherwise be scattered or duplicated.
Neural Network Sparsification
Neural network sparsification is the process of reducing the number of connections or weights in a neural network while maintaining its ability to make accurate predictions. This is done by removing unnecessary or less important elements within the model, making it smaller and faster to use. The main goal is to make the neural network more efficient without losing much accuracy.
Cloud Monitoring
Cloud monitoring is the process of observing, tracking, and managing the performance, health, and availability of resources and services hosted in the cloud. It helps organisations ensure that their cloud-based applications, servers, databases, and networks are running smoothly and efficiently. Cloud monitoring tools provide alerts and reports, allowing teams to quickly detect and address any issues before they impact users.
Data Recovery Protocols
Data recovery protocols are organised procedures and methods used to retrieve lost, deleted or corrupted digital information from various storage devices. These protocols guide how to act when data loss occurs, helping ensure that as much information as possible can be restored safely and efficiently. They often include steps for assessing the damage, selecting recovery tools, and preventing further data loss during the process.