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Smart contract

Smart contract

An idea that was first thought of in 1994 by an American programmer called Nick Szabo. The main idea behind this is that each transaction independently invokes a computer protocol based on a mathematical algorithm. Accordingly, third party interference is kept to a minimum. Smart contracts not only contain information about the participating parties, but also provide the framework for fulfilling all parts of the agreement. These basic principles of smart contracts were embedded in Bitcoin by Satoshi Nakamoto, but, for security purposes, they didn’t go as far as to endow smart contracts with all the necessary capabilities for working with documents. Ethereum was one of the first platforms to start actively using smart contracts. For a smart contract to work, you need a decentralised network on which all users have the same rights. Cryptocurrencies are used as the financial instrument.

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