The blockchain ecosystem is a distributed ledger technology that allows transactions to be recorded and verified in a decentralized manner. The ecosystem consists of a network of nodes that maintain a copy of the blockchain, which contains a record of all transactions that have occurred on the network. Each node on the network has a copy of the blockchain, which is updated in real-time as new transactions are added.
Once a smart contract is deployed, it is publicly visible and can be accessed by anyone on the network. Users can interact with the smart contract by sending transactions to its address on the blockchain. When the conditions specified in the smart contract are met, the contract is executed automatically, and the resulting transactions are recorded on the blockchain.
The blockchain ecosystem and smart contracts work together to create a secure and transparent way of executing transactions without the need for intermediaries. By using blockchain technology and smart contracts, transactions can be executed in a decentralized and trustless manner, reducing the potential for errors and fraud and increasing efficiency and transparency.