This is a Digital Contract that automatically executes agreed upon transaction once the requirements of the contract have been fulfilled. This is probably going to be one of the most beneficial things about the Crypto space, block-chains, and our future in a digital world.
This takes the human out of the equation.
Even today, when you sign a legal document that states that a certain party will do this if another party does that, you can still get ripped off. With Smart Contracts, the agreement is written into the code of the digital contract. This code cannot be changed once the contract is created and exists on a block-chain.
If you agree to have an amount of Bitcoin, USD, or whatever your chosen asset to trade with, to be dispersed once a service has been rendered or product been delivered, then the money won’t be paid till the job is complete. The specifics of how this will be done will be part of the creation of the Smart Contract prior to the completion of it.
These contracts will be useful in many ways beyond the use of contracts for business, but many other things such as law and government.
Learn more about Smart Contracts Here!
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