Smart contracts are digital contracts that help you exchange money, property, shares or anything of value in a transparent, conflict-free way while avoiding the services of an intermediary.
The best way to describe smart contracts is to describe this technology with a vending machine. We normally go to a lawyer or a notary, pay and wait while we receive the document. In smart contracts; that is, we throw a bitcoin into the vending machine (ledger), and our license drops into the product box. Moreover, smart contracts not only define the rules and penalties around a contract in the same way as a traditional contract, but also automatically enforce those obligations. Smart contracts eliminate authority and reduce costs. But once the contract comes into force, it is not reversible.
In fact, when it comes to smart contracts, a future science fiction movie can be envisioned. It has been suggested that smart contracts can affect changes in certain industries such as law. In this case, lawyers will switch to producing standardized smart contract templates rather than writing traditional contracts, similar to standardized traditional contracts. Other industries such as credit companies and accountants can also use smart contracts for tasks such as real-time audits and risk assessments. Take a moment here and imagine all contracts flowing through matrix screens ...
References:block geeks.com
Asst. Prof. Orhan ÖZAYDIN
