Smart Contracts: the blockchain-based contracts that will end paperwork for good

5 months ago

Smart Contracts: the blockchain-based contracts that will end paperwork for good

Have you ever felt bogged down by crypto jargons like ‘smart contract’ or ‘consensus mechanism?’ If your answer is a ‘yes’ then don’t panic, you’re not alone. Many folks right from laymen to financial wizards keep updating themselves about such crypto news either through blogs, books or other sources. Smart contract has created a digital exodus in the crypto world because of its immutable and decentralised nature.

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What is Smart Contract, Really?

Smart Contracts are similar to the existing contracts with an exception that they are digital. To be precise, it is a self-executing computer program stored in a blockchain. It is a general agreement between buyers and sellers written in a digital code, most preferably, Solidity.

Nick Szabo invented these immutable contracts in 1998, exactly ten years before Satoshi's invention. He is rumoured to be the mysterious bitcoin founder Satoshi Nakamoto.  

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