I started with smart contracts and now having tons of doubts and expecting answers from experts. I read in one of the tutorials with insurance as an example - if 'date = '01-01-2019' then 'send money to all clients aged > 60'. Now this is the smart contract. Now i have the following questions
1) This is now getting pushed to the nodes in the block chain and why everyone is expected to execute this ?
2) If everyone is executing then will not the "then" condition executed that many times? i.e. wont the clients > 60 get the money == no of nodes / miners executing ?
3) If i try to relate this with Bit Coin, the miner does the proof of work and whoever finds the nonce with the HASH will be the winner - In this case - who gets the Ether ? - If everyone is executing who decides who is the winner and should get the 5 Ether?
4) Who pays the ether -i assume in this example the insurance company does that - please advise if i am not correct .
5) The smart contract code says - send money to all clients > age 60. Are all the clients expected to be in the Block Chain network with their address ? - Are they expected to have a wallet or account or client so that they get registered in the ledger .
Apologies if these are basic questions and i request the team to help for me to proceed to next stage ....thanks a bunch in advance.