Smart Contracts: Characteristics, Benefits, and Typesby@Benji
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Smart Contracts: Characteristics, Benefits, and Types

by Benjamin4mNovember 23rd, 2019
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A smart contract can be defined as a computer code that runs on top of the blockchain. It contains a set of rules that determine how the involved parties can interact with each other. The code is responsible for facilitating, verifying, and enforcing the negotiation or performance of a transaction or an agreement. The idea of smart contracts was initially conceived in 1993 by Nick Szabo a cryptographer and computer scientist. They have the potential to become legal contracts in case certain conditions are met. Smart contracts offer numerous advantages, for example, they are capable of tracking performance in real-time consequently bringing tremendous cost savings.

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Benjamin

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@Benji

Chaos is a ladder.

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