Smart Contracts

Smart Contracts are a central component to next-generation blockchain platforms.

Blockchain technology is much broader than just bitcoin. The sustained levels of robust security achieved by public cryptocurrencies have demonstrated to the world that this new wave of blockchain technologies can provide efficiencies and intangible technological benefits very similar to what the internet has done. However, blockchains are a very powerful technology, capable of performing complex operations, capable of understanding much more than just how many bitcoins you have currently have in your digital wallet. This is where the idea of smart contracts come in. Smart contracts are already becoming a cornerstone for enterprise blockchain applications and will likely become one of the pillars of blockchain technology.

Smart contracts (also called self-executing contracts, blockchain contracts, or digital contracts) are simply computer programs that act as agreements where the terms of the agreement can be preprogrammed with the ability to self-execute and self-enforce itself. The main goal of a smart contract is to enable two anonymous parties to trade and do business with each other, usually over the internet, without the need for a middleman. The origin and history of smart contracts is much older than bitcoin and dates back to the 1990’s.The term ‘smart contract’ was first coined in 1993 by one of bitcoin's alleged creators, Nick Szabo, and referred to self-automated computer programs that can carry out the terms of any contract.

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