What are Smart Contracts?

In the meantime the Blockchain technology has developed considerably further. In particular, it is now possible to execute so called Smart Contracts. Basically a Smart Contract is a program that based on the ‘If-Then- principle’ executes measures pursuant to a set of predefined conditions. An automatic monitoring of contracts in real time is possible. Employees or service providers are no longer needed in order to monitor the observance of contracts. Thus, a potential source of error, namely human failure, can be minimized or even eliminated. The contracting parties interact directly using the Blockchain without the need for costly intermediaries such as banks, stock exchanges, lawyers or notaries. Potential fields of applications can be found in software licensing, digital rights management, electric mobility, power supply contracts or auctions. Instead of having a third-party provider/intermediary handling the transactions the contractual partners can enter into the smart contract directly using the Blockchain. Thus, many processes can be optimized in a way that transactions are direct and instantaneous, cheaper and simplified. There are in theory no limitations for possible applications.

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