Consider this: A blockchain uses distributed ledger technology (DLT) in which two parties can share a distribution ledger that governs the process of fabrication, transporting, selling, and management of goods. If those two parties also have shared business logic, they can create a smart contract between themselves to automate the process.
Under a smart contract, you actually define one or more possible actions based on the terms of the physical contract. An action can be executed by an entity (organization or individual) by proposing (submitting) a transaction on the blockchain. Based on the payload, containing the name of the action and required asset data, the corresponding action is executed. The smart contract ...
