qitchain qtc coin

  SMART CONTRACT CHANGING THE WAY OF TRUST What are smart contract ? A smart contract is a contract in the form of a computer program that is automatically executed when certain pre-programmed conditions are met. It is a computer protocol that is designed to digitally facilitate, verify, or enforce contract negotiation or performance. Smart contracts allow credible transactions to be executed without third party involvement. These transactions are irreversible and traceable. Almost all contracts in our current social setup are based on the assumption of trust. A landlord expects a tenant to pay their rent as specified in their lease, and a victim expects an insurance company to pay out their claim. If that assumption proves false and one party defaults, a third party, such as the court system, is brought in to force the issue. Because smart contracts execute exactly as programmed, there is no need for trust. As long as both parties agree to their terms, they are guaranteed to be sa...