Project Dovetail™ by TIBCO LABS™

What are Smart Contracts

There are many definitions and descriptions of smart contracts, as each blockchain framework tends to implement this capability in its own way (if it does implement this feature at all). However, generally speaking, smart contracts (at least from an enterprise / permissioned perspective) may be thought of as application or business logic (defined in code) that runs within the context of a blockchain network itself.

The idea is to automate the processing of blockchain transactions across the network, use the logic to determine if a transaction will get written to the ledger, and to maintain accuracy, compliance, and trust. In essence, smart contracts represent a method for controlling how changes are made to the underlying blockchain, in a non-centralized and (potentially) untrustworthy environment. Supply chain transaction tracking, healthcare revenue cycle management, consumer contract execution, and government interactions are all areas in which smart contracts (business logic) may be applied. Remember, however, that "smart contracts" are not necessarily "smart" (depends on the code) nor "contracts" (as they may not be viewed as legal contracts). Thus, the term can be a bit misleading :)

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