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What is smart contracts

Nowadays using smart contracts is not only fashionable and technological, but also fast, safe, confidential.

It was Nick Szabo who developed the concept of self-executing digital contracts. They were called "smart contracts". A smart contract is a specific set of digitally described promises, including a set of protocols by which the parties fulfill their promises. n the world of cryptocurrencies, a smart contract is an application running on a blockchain. Both parties can take on obligations through the blockchain, without trusting each other. Participants can be calm about the correct fulfillment of obligations, because if the conditions are not satisfied, the contract is canceled.

Blockchain-based decentralized systems are an environment in which the execution of a smart contract does not depend on a third party, significantly reducing operating costs, and its code cannot be changed. Outside the blockchain smart contract will be just a software code.

The advantages of smart contracts

What are the advantages of smart contracts?
Here they are.

1. A protection against unauthorized changes
2. Transparency - you can follow all the stages of the execution of a smart contract in real time
3. Confidentiality. Despite the fact that all contracts are stored in the distribution register, the parties may remain anonymous

In order for smart contracts to exist, some conditions are required:

1. Electronic signature based on public and private keys (asymmetric encryption)
2. Open and decentralized database for executable transactions, it completely eliminates the human factor. As an example: blockchain in Bitcoin
3. Decentralization of the smart contract execution environment. As an example: Ethereum