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 satisfied with how the contract is carried out, even if a third party is involved.

Why smart contract?

A smart contract’s goal on blockchain is to simplify business and trade between anonymous and identified parties, sometimes without the need for a middleman. A smart contract reduces the formality and costs associated with traditional methods while maintaining authenticity and credibility.

For more you can visit Smart contract

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