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Smart Contract Execution

    Smart contract execution refers to the process of executing a smart contract on a blockchain. When a smart contract executes, it runs through the code stored on the blockchain to determine what actions to take. Smart contract actions can involve sending or receiving payments, or transferring ownership of assets, for example. For a smart contract to execute, it requires a trigger. Typically, this involves someone sending a transaction to the smart contract’s address. However, smart contract’s can auto-execute on other criteria as well. Time-based triggers (i.e., on a specific date) or data parameters such as the number of days without rain (i.e., a farmer’s insurance policy) are just a few examples.