Smart contracts and decentralized applications from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Smart contracts are self-executing contracts where the terms of the agreement between buyer and seller are directly written into lines of code. These contracts run on the blockchain and automatically enforce the terms of the agreement. They eliminate the need for intermediaries and can greatly reduce costs and increase efficiency in various industries. Decentralized applications (dApps) are applications that run on a decentralized network of computers instead of a single server. They are built on blockchain technology and are typically open-source, meaning anyone can view the code and contribute to its development. dApps are designed to be transparent, secure, and resistant to censorship. They can decentralize various processes such as finance, voting, gaming, and more. Smart contracts and dApps work together seamlessly to create a new paradigm of decentralized, automated systems. Smart contracts provide the underlying logic and rules for dApps to operate, while dApps provide the user interface and interaction with the blockchain network. Together, they enable trustless transactions and interactions between parties without the need for a trusted intermediary. The combination of smart contracts and dApps has the potential to revolutionize many industries by increasing transparency, reducing costs, and eliminating the need for intermediaries. They have the power to disrupt traditional business models and create new opportunities for innovation and collaboration. As the technology continues to evolve, we can expect to see even more exciting applications and use cases emerge in the near future.
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