Blockchain technology is much broader than just bitcoin.
The sustained levels of robust security achieved by public cryptocurrencies have demonstrated to the world that this new wave of blockchain technologies can provide efficiencies and intangible technological benefits very similar to what the internet has done.
However, blockchains are a very powerful technology, capable of performing complex operations, capable of understanding much more than just how many bitcoins you have currently have in your digital wallet.
This is where the idea of smart contracts come in. Smart contracts are already becoming a cornerstone for enterprise blockchain applications and will likely become one of the pillars of blockchain technology.
Smart contract is a term used to describe computer program code that is capable of facilitating, executing, and enforcing the negotiation or performance of an agreement (i.e. contract) using blockchain technology.
The entire process is automated can act as a complement, or substitute, for legal contracts, where the terms of the smart contract are recorded in a computer language as a set of instructions.
Using smart contracts allow made many kinds of contractual clauses partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
Smart contract in SONM is developed for making deals between Consumer and Supplier and payments.