Smart Contracts on Blockchain, A World of Possibilitie
Updated: Dec 8, 2022
Recall the last time you utilized a vending machine. Have you ever thought about the complexities behind the operation of an automated electronic system? Depending on pre-programmed rules and instructions, you can put money in this machine and choose what you want. It will only release your order if you press a button, enter a code, and the machine checks that the order follows the machine's specified rules and instructions. Smart contracts function similarly to vending machines. When the predefined conditions and rules are met, these contracts automatically enforce themselves, leaving both parties satisfied without the interference of an intermediary. This way, the only ones concerned would be both point-blank parties involved in the contract. This instance means there won't be any need for go-betweens like the involvement of a financial institution, notary, or lawyer. Consulting with a lawyer before getting your snack(s) from a vending machine will be super weird! Now that you have a rudimentary knowledge of what smart contract is all about let's dive into what these digital contracts or software are.