Pedro Arantesrose
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Smart Contracts

Smart contracts are computer programs stored on a blockchain that will be executed when predetermined conditions are satisfied.
#blockchain
Zettelkasten, April 19, 2021 (changes)

Notes

  • Smart contracts are computer programs stored on a blockchain that will be executed when predetermined conditions are satisfied.

  • They were first proposed by Nick Szabo in 1994.

  • They use simply if/when... then... statements that are written into code on the blockchain.

  • These actions could include:

    • Releasing funds to the appropriate parties.
    • Registering a document.
    • Sending notifications.
    • Issuing a ticket.
  • Once the transaction is completed, the blockchain is updated.

    • It makes the transaction very hard to hack. Hackers would have to change the entire chain to change a single record.
  • Only parties who have been granted permissions can see the results.

    • The terms must be agreed upon by all parties.
  • They don't need a central authority, legal system, or external enforcement mechanism.

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