How are smart contracts introduced for storing digital assets on blockchain?

Smart contracts are computer programs that automatically execute predefined actions once certain predefined conditions are met. They are introduced for storing digital assets on the blockchain through a series of steps. First, the smart contract code is written, specifying the rules and conditions under which the digital assets will be stored and managed. Then, the code is compiled and deployed onto the blockchain network. Once deployed, the smart contract becomes immutable and executes automatically without the need for any intermediaries. The digital assets are then transferred to the smart contract's address, and ownership and access rights are encoded within the contract. This allows for secure and transparent storage of digital assets on the blockchain, ensuring that the conditions specified in the smart contract are adhered to.

This mind map was published on 10 September 2023 and has been viewed 55 times.