A smart contract is a computer code running on top of a Blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. If and when the pre-defined rules are met, the agreement is automatically enforced. The smart contract code facilitates, verifies, and enforces the negotiation or performance of an agreement or transaction. It is the simplest form of decentralized automation.
Blockchain and smart contracts have the potential to disrupt many industries. Use cases can be found in banking, insurance, energy, e-government, telecommunication, music & film industry, art world, mobility, education and many more. Smart contract use cases range from simple to complex.
Time-stamping services like ascribe (art registry) or governmental and semi-governmental registries (land titles, birth certificates, birth certificates, school and university degrees) are examples for simpler technological use cases (the regulatory aspects might be more complex). Decentralized autonomous organizations, on the other hand, are the most complex form of a smart contract.
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