Smart contractsA digital commodity is a scarce, electronically transferrable product or service. are contracts whose terms are recorded in a computer language instead of traditional legal language. They are simply one method for restricting the transactions performed in a database. Smart contractsA digital commodity is a scarce, electronically transferrable product or service. can be automatically executed by a computing system, such as a distributed ledgerA blockchain is a type of distributed ledger that holds a permanent record of all transactions. The transactions are recorded onto a ledger. A copy of the ledger is updated on each node, or oracle, via the client application designed for that particular chain. Public chains, like Ethereum and Bitcoi... More system.

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