DIFFERENCE BETWEEN SMART CONTRACT AND BLOCKCHAIN.
Firstly Lets go into individual definition in a very simple form.
Blockchain is a digital recorded and shared distributed ledger on transaction and how it's been transacted between the initiated end and the receivers end. Blockchain is the consensus of truth from both end and once validated, it becomes immutable. Because it can never be modified by just one end because of record transparency and encrypted, extra security from both parties as they both have access to the same version of truth.
Smart Contract on the other end as we all know in legal term, Contract means reaching agreement between two or more parties. The smart in it is the digital emphasis laid as once the code of the agreement is executed. It's transaction are traceable and irreversible. It is mostly used as the Cryptocurrency value decentralization. Transacting between various people and organisation without government, legal system and external physical enforcement third party intervention. It is self-executing contract and the real beauty of it is that there can be smart contract in block chain.
Smart Contract on Blockchain Network.
As smart contract is the coded set of agreement lines written for contracts among set of bodies. It is realized on the Blockchain network as the "IF/WHEN, ELSE/ELIF, OR/AND" statements. This would be really understandable a programming personnel. For layman understanding. Smart contract on the Blockchain network works similarly when you mortgage a property on loan, how you pay on install-mental basis and how the properties are confiscated when defaulted with the payment is the simple way of understanding the system.
