WEB

Change type. Click for search in Exxeble Search Engine.

DOMAINS TOKEN-G

Rachel Welch

07 October 2022 117 Read Blockchain

LISTEN NOW

Smart Contracts

Smart Contracts are computer programs and protocols that execute automated transactions. They are stored on the blockchain and run in response to certain conditions. These contracts enable automated execution of agreements without a middleman, thereby eliminating time and expense. A smart contract is essentially a buyer-seller agreement inscribed directly into code. The idea behind smart contracts was developed by Nick Szabo, who invented the virtual currency Bit Gold. In addition, smart contracts make transactions traceable and irreversible.

Smart contracts provide a tamper-proof infrastructure and can provide timely payouts. Parametric insurance, for instance, uses smart contracts to issue payouts based on weather conditions. They can also make the supply side of the insurance industry more accessible to the general public. Smart contracts can be used for insurance products such as crop insurance.

NO COMMENTS YET!