The Hackernoon website carried an article on 29th August which says that “smart contracts” can be termed as the most utilised application of blockchain technology in the current times.  It says that they originated as a concept in 1994, with the basis that any decentralised ledger can be used as self-executable contracts, these later coming to be called Smart Contracts. These digital contracts could be converted into codes and allowed to be run on a blockchain.  It starts by explaining the basics – a smart contract is a set of computer code between 2 or more parties that run on the top of a blockchain and constitutes of a set of rules which are agreed upon by the involved parties.  Upon execution, if these set of pre-defined rules are met, the smart contract executes itself to produce the output.  It then goes on into a little more detail, and explains why they are needed, and gives examples of their use in such things as insurance contracts, securing copyrighted content and in supply chain management.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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