Do smart contracts in R3 Corda interact with each other, as is the case in Ethereum? Explain

Smart contracts are one of the biggest blessings of Blockchain technology. Although these were there for a long time, when it comes to practical application, it’s only after Blockchain that they have gained popularity. Smart contracts are basically digital contracts, but when we talk about them in the context of Blockchain, then it adds an additional feature to Smart Contract, making them infallible and highly useful. Let’s explore more about smart contracts and how it works on the R3 Corda.

What is R3 Corda Blockchain?

Before delving deeper into smart contracts and how they behave on the R3 Corda platform, it is important to understand R3 Corda?

In simple words, Corda is an enterprise Blockchain developed by R3. The key differentiating factor between Corda and other Blockchain platforms is that Corda is a permissioned system. It means that the system has a governing body, and the network is open to only a few people. However, that is not the case with public Blockchain like Ethereum. In public Blockchain, any individual in the network can access the system and check the info. This is certainly not useful when we are talking about it in the context of financial institutions or other companies that exchange confidential information over the network.

Well, we often don’t talk about smart contracts in the context of Corda. Corda only as building blocks of other Blockchains’ smart contracts, but they are not encapsulated in a packaged form as we have them in the case of Ethereum. Here are the different components:

· The data of a smart contract is stored in the Contract States on the ledger

· The functions that the user can do on this data is mentioned in the contract

· The way in which the functions are enacted is by building new transactions in the Flows. It uses the states and conforms to the Corda Contracts.

This approach gives more flexibility. So, we can state that Corda is a blend of Contract States and what a party is authorized to do with it (Contracts).

But, the smart contracts on Ethereum function differently. The entire process takes place on one platform.

Benefits of smart contracts:

· These are automated and digitized contracts. Hence, one doesn’t have to really look after the execution part. As soon as the condition of the contract is met, the payment is executed.

· The information or the data on the smart contract remains safe because it is executed on the Blockchain platform. It ensures all the data is encrypted and safe.

· The exchange takes place between two parties. Hence, there is no third-party intervention, which makes the entire process seamless.

Most businesses will be using smart contracts in the times to come, and if you too are keen to learn more about it, this is the right time to enroll for a certification program with the Blockchain Council.

Blockchain Council is a leading name providing an online certification program in Blockchain and allied technologies. This is a comprehensive learning experience that brings in the best of conceptual learning and practical applications. To know more about the enrollment process in Smart contract developer course or the Corda Developer course, connect with the Blockchain Council today.