Dragonchain is pulling back the curtain on one of the most interesting and exciting new parts of its comprehensive enterprise platform, Currency and Interchain Smart Contracts. An integral feature of the Dragonchain Commercial Platform, these customizable blockchain smart contracts create a whole new automated framework for the incentivization of behavior at the organizational level.
One of the most interesting — and least understood outside technical circles — aspects of the new blockchain paradigm is the smart contract. If the distributed ledger concept gives blockchain its trustless network transparency, it is the smart contract that expands the network’s utility into new and diverse areas.
What is a Blockchain Smart Contract?
In basic terms, the blockchain smart contract is a set of self-executing sequential conditions linked to outcome-based actions. Not unlike the way a vending machine or a coin-operated washing machine repeats the sequence of receiving money, then executing a sequence of programmed actions; a smart contract performs a set of commands based on certain actions, but then records these transactions unalterably via blockchain nodes. The applications for this are wide-ranging since they can apply to virtually any set of if/then situations, from industry-specific supply chains to buying a house to voting.