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Thread: What is Smart Contract?

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    What is Smart Contract?

    Actually I've got the basic idea on how Block chain technology works, but everyone I know is getting so hyped up on Smart Contracts.
    What is it actually? What kind of connection does it have to Block chain?
    Care to explain?

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    Quote Originally Posted by Shana View Post
    Actually I've got the basic idea on how Block chain technology works, but everyone I know is getting so hyped up on Smart Contracts.
    What is it actually? What kind of connection does it have to Block chain?
    Care to explain?
    In simple terms it is a self executing digital contract (set of codes) based on blockchain technology. Smart contracts will eliminate middleman. in professional terms "Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman." .for an example, lets say you are going to rent your office space, and there can be a middleman who works for commission. with smart contracts on blockchain technology you can avoid that and deal and execute payments directly with the end customer.

    How-Smart-Contracts-Works-1.jpg

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