Sep 16, 2019 in BlockChain
Q:

Smart Contracts are reversible

a) True

b) False

1 Answer

0 votes
Sep 16, 2019

This is False statement so the correct answer is b) False

A smart contract is like a computer protocol created to digitally verify, facilitate or enforce the negotiation of a creditable transaction as an agreement between buyer and seller, that is written into lines of code. Smart Contracts are not reversible.

The basic purpose behind the inception of Blockchain smart contracts was to allow the performance of credible transactions without involving third parties. Although these transactions are trackable, they are irreversible

A smart contract is a self-enforcing piece of so ware that is managed by a P2P network of computers. Smart contracts are e cient rights management tools that provide a coordination and enforcement fra- mework for agreements between network participants, without the need of traditional legal contracts. They can be used to formalize simple agreements between two parties, the bylaws of an organiza- tion, or to create tokens.

Sometime people think, Smart Contracts are reversible ,which is not true . Smart Contracts are irreversible.

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