What Is a Smart Contract?
December 04, 2018 by Softjourn
A smart contract digitally enforces, facilitates or verifies the terms of an agreement using cryptographic code. The most interesting aspect of smart contracts is they’re self-executing, automatically enforcing contractual duties. This enables agreements between anonymous parties without third parties, such as lawyers, a legal system or any central authority.
Transactions resulting from blockchain-based smart contracts are trackable, transparent and irreversible.
- Challenges: Adoption, standardization, execution speed, scaling.
- Platforms: Ethereum, Hyperledger Burrow, Hyperledger Fabric, Open Transactions, Quorum and many others.
- Usage: Asset management, financial agreements and contracts, digital identity and many others.
Click here to watch our brief video from the European Investment Bank Blockchain Challenge, where we presented a solution for the European Investment Bank financial instrument using Quorum blockchain.
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