Distributed Ledger Smartcontracts:
These are very simple programs with conditions in it, stored on blockchain to run till the condition is met. This digital program used to automate the execution of an agreement between the parties allowing them to perform successful transactions without any involvement of central authority / agency.
While I was checking through the Internet on the Features of Smartcontract, I have come across below list of points and they are unique in a way based on my understanding when compared with smartcontracts controlled central governing authority / agency.
Below are the few of the Features of Ledger Smartcontracts:
Immutable: Once deployed smart contract cannot be changed, it can only be removed as long as the functionality is implemented previously.
Distributed: Everyone on the network is guaranteed to have a copy of all the conditions of the smart contract and they cannot be changed by one of the parties. A smart contract is replicated and distributed by all the nodes connected to the network.
Transparent: Smart contracts are always stored on a public distributed ledger called blockchain due to which the code is visible to everyone, whether or not they are participants in the smart contract.
Secure: Smart contracts can only perform functions for which they are designed only when the required conditions are met. The final outcome will not vary, no matter who executes the smart contract.
Some of the other Characteristics of ledger smartcontract:
Autonomy: There is no third party involved. The contract is made by you and shared between the parties. No intermediaries are involved which minimizes bullying and grants full authority to the dealing parties. Also, the smart contract is maintained and executed by all the nodes on the network, thus removing all the controlling power from any one party’s hand.
Customizable: Smart contracts have the ability for modification or we can say customization before being launched to do what the user wants it to do.
Trustless: These are not required by third parties to verify the integrity of the process or to check whether the required conditions are met.
Self-verifying: These are self-verifying due to automated possibilities.
Self-enforcing: These are self-enforcing when the conditions and rules are met at all stages.
These features alone are not making Smartcontracts unique in the blockchain technology, Features along with Capabilities are main backbone for the distributed smartcontracts. I have posted an article on Capabilities for more information - "Ledger: Capabilities of Blockchain Smartcontract - Article "
Source:
[0] https://www.geeksforgeeks.org/smart-contracts-in-blockchain/
