Smart Contracts: What Are They and How Do They Work?
Posted: Thu Dec 12, 2024 9:59 am
Smart Contracts are contractual relationships stored in Blockchain and that have the ability to execute actions following a series of previously programmed parameters.
Smart Contracts are translated into Spanish as Intelligent Contracts and have the security features that are needed: they are transparent and their way of operating is immutable.
We have all had to sign a contract at some point in our lives, and uk company email list when that word comes to mind we can only imagine a paper document with a set of conditions written down by some parties involved, who agree to respect said conditions.
Nowadays, this method has been developing and evolving to find: contracts with digital signature, contracts with voice confirmation and smart contracts.
Following the launch of the first version of Bitcoin in 2009, over the years we have seen countless projects or activities dedicated to providing new ideas or decentralized solutions to the processes or applications that users have today.
In this regard, one of these projects is the so-called Smart Contract. The main purpose of this mechanism is to eliminate intermediaries to make the process achieve cost savings for the consumer in a much simpler way.
In 2020, many users are reluctant to make purchases online for many reasons, but the main one is trust.
What are Smart Contracts for?
A Smart Contract allows anyone anywhere in the world to have enough confidence to make an exchange , knowing that there is a commitment involved.
Just as Workforce Management allows you to increase the productivity of your work teams, a Smart Contract allows you to generate an interaction between two parties in an optimal and secure way.
[Tweet “Smart Contract is a smart contract defined as a computer program that executes agreements that have been set up by two parties”]
What are Smart Contracts?
A Smart Contract is defined as a computer program responsible for the execution of agreements that have been configured by several parties (people, organizations).
Ensures that certain actions occur within a framework of a set of established conditions.
Therefore, when an action is set or scheduled in advance, the smart contract will trigger the corresponding clause automatically.
It was Nick Szabo, a cryptographer, who coined this term in 1993. He proposed this as a solution to the contract system of that time; however, the scope of technology did not make it viable in those years.
For this to be viable, a payment method was needed to implement it. However, this method did not appear until 2009 with the so-called Bitcoins.
Smart Contracts are translated into Spanish as Intelligent Contracts and have the security features that are needed: they are transparent and their way of operating is immutable.
We have all had to sign a contract at some point in our lives, and uk company email list when that word comes to mind we can only imagine a paper document with a set of conditions written down by some parties involved, who agree to respect said conditions.
Nowadays, this method has been developing and evolving to find: contracts with digital signature, contracts with voice confirmation and smart contracts.
Following the launch of the first version of Bitcoin in 2009, over the years we have seen countless projects or activities dedicated to providing new ideas or decentralized solutions to the processes or applications that users have today.
In this regard, one of these projects is the so-called Smart Contract. The main purpose of this mechanism is to eliminate intermediaries to make the process achieve cost savings for the consumer in a much simpler way.
In 2020, many users are reluctant to make purchases online for many reasons, but the main one is trust.
What are Smart Contracts for?
A Smart Contract allows anyone anywhere in the world to have enough confidence to make an exchange , knowing that there is a commitment involved.
Just as Workforce Management allows you to increase the productivity of your work teams, a Smart Contract allows you to generate an interaction between two parties in an optimal and secure way.
[Tweet “Smart Contract is a smart contract defined as a computer program that executes agreements that have been set up by two parties”]
What are Smart Contracts?
A Smart Contract is defined as a computer program responsible for the execution of agreements that have been configured by several parties (people, organizations).
Ensures that certain actions occur within a framework of a set of established conditions.
Therefore, when an action is set or scheduled in advance, the smart contract will trigger the corresponding clause automatically.
It was Nick Szabo, a cryptographer, who coined this term in 1993. He proposed this as a solution to the contract system of that time; however, the scope of technology did not make it viable in those years.
For this to be viable, a payment method was needed to implement it. However, this method did not appear until 2009 with the so-called Bitcoins.