Smart contracts automate agreements from "summary" of Blockchain Revolution by Don Tapscott,Alex Tapscott
Smart contracts are a revolutionary concept in the world of blockchain technology. These contracts are not the traditional paper-based agreements that we are accustomed to; rather, they are self-executing contracts with the terms of the agreement directly written into code. By doing so, these contracts eliminate the need for intermediaries or third parties to oversee and enforce the agreement. With smart contracts, the terms of the agreement are automatically enforced as soon as the conditions specified in the code are met. This automation of agreements has the potential to streamline processes and reduce the risk of fraud or manipulation. For example, in a real estate transaction, the smart contract could automatically transfer ownership of the property once the buyer has met all the conditions of the agreement, such as m...
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