Smart Contracts are self-executing codes that give you the security of Blockchain Technology and empowers you to store your contract terms in digital format securely. Smart Contracts are immutable and get automatically executed when exposed to a trigger event (certain kind of data input).
In a Global economy, businesses need to trade with international partners, out of which some can be unknown to them. As fraudulent activities are on the rise, it is difficult to trust an unknown entity. Nonetheless, it is always better to secure yourself from unforeseen circumstances and be on the safer side. Smart Contracts address these concerns and provide security when dealing with unknown entities, domestic or international.
However developing and designing a Smart Contract via coding from scratch can be a cumbersome task and requires a considerable amount of effort & resources.
ETHEREUM SMART CONTRACTS
Originally, Ethereum was designed as a Smart Contract Platform. Ethereum Smart Contract runs on Ethereum Virtual Machine (EVM). In a way, EVM is globally distributed platform where Smart Contracts are executed. Compared to Bitcoin Smart Contract platform, it provides more expressive and comprehensive language for scripting.
Running a Smart Contract on Ethereum can trigger data reads & writes, connection with other Smart Contracts and heavy computations like using cryptographic primitives. Executing these processes requires resources, and there is an operational cost involved. Thus, to execute Ethereum Smart Contract user needs Gas units which need to be paid for in Ether. This mechanism helps in limiting the resources used by each contract.
HYPERLEDGER SMART CONTRACTS
Hyperledger is a Blockchain fabric that allows for compliance with regulations. It supports varied requirements that arise when competing business work together in the same network.
The central elements of Hyperledger are Smart Contracts (chaincode), digital assets, record repositories, a decentralized consensus-based network and cryptographic security.
Smart Contracts are implemented by “chaincode” in Hyperledger. Chaincode can be written in any mainstream programming language and provides the capability to define smart contract templating language. It also provides the capability to restrict the functionality of the execution environment.
Some Of The Features Of Hyperledger Smart Contracts:
Offer the control and management of authorization for Hyperledger Participation.
Provides the management of assurance and authorized disclosure of association of identities and roles to Hyperledger Participants.
Capability to provide authorized entities with the means to link transactions of Individual users, or group of users according to affiliations or roles and to access the activity of a particular user of the system or the operations of the system itself.