- Initially, the interested parties will specify the contractual terms
- Once these terms are confirmed, they will be converted into programming codes for the smart contract.
- This code will include all the possible perspectives of future transactions occurring in the blockchain world.
- When this is ready, it will be stored in the blockchain network.
- It is then replicated among other participants in the network.
- These participants will execute the code to check if it satisfies the conditions are not.
- When the terms are satisfied, computers in the network will verify their correctness and execute the transactions in the blockchain environment.