Smart Contract

Code deployed to a ledger that executes automatically when its conditions are met, giving several parties a shared rule nobody can quietly change afterwards.

What it is good for

Settlement triggers and state transitions that multiple organisations must agree on — release payment on verified delivery, mark a consignment accepted when the inspection credential is presented.

What it is not

It is not a contract in the legal sense and it cannot see the outside world. Anything it reacts to must be asserted by a signed participant or an oracle, and that assertion is where the real trust question lives.

Related terms

Permissioned Ledger
Verifiable Credential

Where this applies

StancorChain

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