A smart contract is a contract regulating protocol. Using this protocol, it contributes to implement and negotiate or even better the performance of the contract. Smart contracts make transactions possible without the involvement of third parties.
The smart contracts have within them, all the information about contract terms and take care of the actions automatically. They were originally designed by a computer scientist Nick Szabo.
With the evolution of the blockchain technology, it is even faster and easier to operate with the smart contracts. Also, when Ethereum emerged, smart contracts are accessible to everyone. Ethereum uses a more restrictive scripting language which allows developers to write their own programs. Also, these developers can create and program their own smart contracts.
As far as what smart contracts can do, here’s a short list:
- Funds can be spent only when a certain percentage of people agree
- Easier agreement managing
- Storing of information and registration of information
Here is also an example of how to simply understand how smart contracts work.
Let’s say you want to rent a certain office space. You can do this via the blockchain and you can even pay in cryptocurrency. You will get in touch with the person who rents the space and he will offer your digital entry key. The key is designated to come on time. If it doesn’t, the blockchain will give you a refund. The system with an IF-premise and it’s basically happening in front of hundreds of users. When you receive the key, the person who rents the place will get his payment. This way the contract is set and if the key is not received, the contract will be automatically canceled.
Smart contracts can be used in a variety of industries such as credit enforcement, financial services, crowdfunding, and insurance.
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