Ever since their inception in 2015 with the launch of the Ethereum blockchain, smart contracts have been expanding into new fields and areas. From the illustrious decentralized finance to the management of supply chains and railroads, there is no end in sight for the realms and domains where the smart contract tech is making a lasting change.Given this spectacular rise to prominence, it may be worth looking deeper into the nature of the technology and what makes it so important, why it revolutionizes everything, and how it is used at a most down-to-earth level. Hopefully, after reading this two-part exposition, you will be able to better see the big idea behind this truly fascinating concept.The idea of smart contracts dates back to Nick Szabo, a computer scientist, and his 1994 short paper Smart Contracts. In this way, it predates not only its first distributed ledger implementation as represented by the Ethereum blockchain, but also the blockchain tech itself, and by a large margin at that. Nick Szabo is also the one responsible for coining the term. According to him, \u201ca smart contract is a computerized transaction protocol that executes the terms of a contract.\u201dConceptually, smart contract design leaves no leeway for violating the contract terms once they have been agreed upon and signed off. You could achieve the same by appealing to a trusted authority who entertains the power to make the parties honor the terms of the agreement. A smart contract, however, assumes this can be done without an intermediary at all. That would greatly reduce overheads associated with the third party services such as arbitration and enforcement costs. But most importantly, you no longer need to put your business fate into someone\u2019s hands in hopes they will always operate truthfully.In general, the terms of a contract can be\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Ever since their inception in 2015 with the launch of the Ethereum blockchain, smart contracts have been expanding into new fields and areas. From the illustrious [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2401"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=2401"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media\/2402"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=2401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=2401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=2401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}