Smart Contract | Innovation & Technology

Smart Contract | Innovation & Technology | Codezeros

Smart contracts are one of the most important byproducts of Blockchain technology when it comes to the impact they could have on our daily life.

What are smart contracts?

A smart contract is basically a computer code on top of a blockchain that comes with a set of rules that bind the parties to interact with each other in a certain way. In case those pre-defined rules are met, the agreement is automatically enforced without the need for a middleman.

How do smart contracts work?

The parties involved in a transaction decide to use an options contract. It includes the preset price and pre-defined rules that have to be met in order to complete the transaction and change the ownership of the goods.

When a triggering event is hit, the contract is exercised according to the coded terms.

Regulators use blockchain to monitor market activity and maintain the privacy of individual actor’s positions.

Smart contracts’ functioning is often compared with that of a vending machine that has a pre-programmed set of rules for transactions. The person selects a product and inserts the coins. The machine then checks whether you inserted a correct amount and, that being the case, ejects the product and changes if necessary. Smart contracts operate similarly: you just drop a required amount of a cryptocurrency into the smart contract, and the goods you agreed upon drop into your account.

All the rules of the transaction and the penalties of not following them are by default pre-defined and enforced by smart contracts. Smart contracts could be used to exchange money, property, shares, or anything of value in general.

Where can we use smart contracts?

A smart contract can formalize the relationships between people, institutions, and the assets they own. Smart contract use cases range from simple to more complex. We can find examples of use cases in e-government, banking, insurance, energy, telecommunication, but also in the music & film industry, the art world, mobility, education, etc.

As blockchains are considered faster, cheaper, and more secure than traditional systems, more and more banks and governments, who need the highest level of security, are turning to them. For example, for governments, smart contracts could provide an infinitely more secure system to vote online, that way hiking low voter turnouts, while banks use smart contracts to log change of ownership and transfer payments.

The fact is blockchain and smart contracts have the potential to disrupt many industries.

We might say that the most interesting part of smart contracts is their capacity to really alter aspects of society in general. Smart contracts have the makings to provide a technical basis for all sorts of social changes.

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