The future of Bitcoin and Ethereum smart contracts
What Are Smart Contracts?
Smart contracts have the potential to replace notaries, lawyers, and bank intermediaries — or do they?
What is a smart contract on the blockchain?
A smart contract automatically enforces a contract between two parties, with a credible digital ledger, all without the need for third parties.
“A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.” — Ameer Rosic on the Blockgeeks blog
Basically, code is injected into the blockchain, and it is automatically enforced without any need for user intervention or third-party verification.
For example, with Ethereum smart contracts, the code lives at an address on the Ethereum network and can receive, hold, and release funds.
Smart contracts are frequently considered cryptocurrency’s “killer app” because they have the potential to replace traditional contracts.
What are smart contracts used for?
Smart contracts have enormous upside potential to be a disruptive industry…
