Why all need smart contracts?
On the one hand, a smart contract is just a program code, an ordinary application like a calculator, messenger or video game. On the other hand, a smart contract is a fundamental element of any distributed application (distributed application or DApp) that runs in an environment without trust and centralized authority like the administrator of a website or state.
Where can smart contracts be applied?
According to a 2016 Deloitte analysis, cliring in trading operations and the supply chain are the first candidates for the introduction of smart contracts. Among other promising areas, researchers named healthcare, insurance, the media industry, energy, archiving and voting.
What is the principle of the smart contract?
A smart contract is a computer program that monitors and ensures the fulfillment of obligations. The parties prescribe in it the terms of the transaction and the sanctions for their non-compliance, put digital signatures. A smart contract independently determines whether everything is completed, and makes a decision: to complete the transaction and issue the required (money, stocks, real estate), impose a fine or penalty on participants, close access to assets.