Smart contracts are simple in concept but often misunderstood. It’s not about creating a contract, it’s about fulfilling a contract without human intervention. When a specified thing happens, the smart contract executes by taking the action it has been programmed to do. For example, you could have a smart contract that orders and pays for a cold drink to be delivered from a nearby restaurant when the temperature goes above 25 degrees on a weekday afternoon.
Blockchain is good for creating smart contracts. That’s because blockchain is designed to be resistant to change from human intervention. Rather than putting an . . . [more]