Smart Contracts and Blockchain

by | Mar 10, 2017 | Blockchain, Data Security, Exclusive Articles, Privacy

Smart Contracts

What are Smart Contracts?

Smart contracts are computer protocols that can facilitate, verify, or enforce the negotiation or performance of a contract or make a contractual clause unnecessary. They usually have a User Interface and can emulate the logic of contractual clauses. They can execute the terms of a contract in an automated way. They can make contractual clauses partially or fully self-executing and self-enforcing.

Usually, users need to go to a lawyer or a notary and pay them to get the document. In the case of smart contracts, one has to pay with cryptocurrency, and the smart contract is created. A smart contract does not only define rules and penalties in an agreement but also can enforce them in an automated way. It is usually written as code, that is placed in a blockchain. At triggering events like an expiration date, etc, the contract is executed according to the coded terms. How do Smart Contracts work? Let’s try to understand that in detail.

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Amrita Mitra

Author

Ms. Amrita Mitra is an author, who has authored the books “Cryptography And Public Key Infrastructure“, “Web Application Vulnerabilities And Prevention“, “A Guide To Cyber Security” and “Phishing: Detection, Analysis And Prevention“. She is also the founder of Asigosec Technologies, the company that owns The Security Buddy.

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