Smart Contracts - Autonomous contracts
Secured deals
Secure your deals with automatic smart contract execution
Automation
Eliminate non-payment risks of traditional contracts
Low costs
Reduce intermediaries to lighten your budget
1 - What is a Smart Contract ?
A smart contract is a computer protocol that facilitates the transfer of digital assets between parties in accordance with agreed conditions or terms. It defines rules and sanctions around the agreement. It resembles a traditional contract in most respects, except that it can also automatically enforce agreed obligations. With Blockchain technology, intelligent contracts are increasingly used.
2 - Uses of a Smart Contract
Imagine you need to sell a house. It's quite a complicated process, involving a lot of paperwork, communication with different companies and people, and a lot of risk. That's why the absolute majority of home sellers decide to find a real estate agent. The agent takes care of all the paperwork and acts as an intermediary when negotiations begin.
A Smart Contract in this case would remove intermediaries that may not always be reliable and would enforce both parties' obligations. More importantly, they solve a trust problem. Smart contracts work on a " if-then " basis, meaning that house ownership will only be transferred to the buyer when the agreed amount is sent into the system. Since trust between the parties is no longer an issue, no intermediaries are needed.
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3 - Functionning of a Smart Contract
In simple terms, Smart Contracts works a lot like vending machines. You simply transfer the required amount into the Smart Contract and your blocked account, allong with your property right, driver's license or any other document in your account. All rules and penalties are not only pre-defined by Smart Contracts, they are also enforced by them.
