contract

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• sassymilk ✭ Member Posts: 31 ✭

  August 2017

  Smart contracts are computer protocols intended to facilitate, verify, or enforce the negotiation or performance of a contract.
  Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.

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• lointoit ✭ Member Posts: 51 ✭

  August 2017

  To help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services from a 3rd party. smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

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• scottyace ✭ Member Posts: 31 ✭

  August 2017

  smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

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