The purpose of the Discussion Group is to initiate a broad discussion on various aspects of smart contracts and blockchain systems. The advent of the Bitcoin currency system has generated interest in permissioned blockchain systems not only for achieving an immutable “trusted” distributed ledger but also for the execution of smart contracts (code) on the blockchain P2P nodes that conforms to a given consensus algorithm.
Smart contracts offer something previously attainable in paper contracts: the programmability of parts of the contracts whose execution is based on real-time input from external sources of data (e.g. stock ticker feed; weather reports; IoT sensor feeds).
When multiple nodes on the P2P execute the same smart contract or run parts of an interconnected contract, a certain degree of the immutability of the outcome can be achieved based on the choice of the P2P consensus algorithm. This, in turn, provides a corresponding level of assurance among transacting parties that the execution of the smart contract has reached completion.
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