Smart contracts on Hedera

A smart contract is a self-executing contract with the terms of the agreement written directly into lines of code. They are essentially computer programs that automatically execute the terms of a contract when certain conditions are met. Hedera Hashgraph smart contracts are written in the Solidity programming language, which is similar to the one used by Ethereum. They allow developers to create programmable transactions on the Hedera Hashgraph network, which can automate business processes and enable new use cases. The process of creating a smart contract on Hedera Hashgraph starts with writing the contract code in Solidity. This code defines the rules and logic of the contract, and it is then compiled into bytecode, which is a format that can be understood by the Hedera Hashgraph virtual machine. Once the contract is deployed on the Hedera Hashgraph network, it can be interacted with by other users through transactions. These transactions include reading and writing data, as well as triggering the execution of the contract's logic. Smart contracts on Hedera Hashgraph have access to the network's global state, which allows them to read and write data to the ledger, and also interact with other smart contracts. This enables the creation of decentralized applications that can perform complex business logic and automate processes, such as supply chain management, logistics, and voting systems. It's also worth noting that Hedera Hashgraph smart contract are executed by the Governing Council, which is a group of reputable organizations that help to ensure that the network remains decentralized, secure, and in compliance with regulations. Overall, Hedera Hashgraph smart contracts provide a powerful tool for businesses to automate processes and create new use cases, while also leveraging the high-performance and security of the Hedera Hashgraph network.