Smart contracts


Smart contracts are seen as a revolutionary technology with the potential to simplify and automate various types of transactions and agreements, such as mortgages and insurances. sees them as a way to remove redundant complexities in transactions, such as lengthy mortgage contracts, and potentially reduce the number of intermediaries involved, leading to a financial revolution that simplifies managing financial needs 1.

Similarly, describes smart contracts not as legal contracts but as conditional transactions automated and guaranteed on the blockchain. This technology can automate complex financial interactions, such as options contracts and royalty payments in the music industry, ensuring fair outcomes for all parties involved 2.

highlights the security aspects of smart contracts, stressing the importance of being cautious about granting permissions to different contracts. He notes the challenges in distinguishing between secure and vulnerable smart contracts 3.

Smart Contracts Revolution

Niall believes that smart contracts can eliminate intermediaries and simplify financial transactions, such as mortgages and insurance. He sees the potential for a financial revolution that will greatly streamline how we take care of our financial needs.

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Additionally, , one of the co-founders of Ethereum, explains that smart contracts on the Ethereum platform are essentially software programs that govern the dynamics of value, operating as contractual agreements between parties. However, a divide exists on whether these programs should be seen as the final say or merely represent the agreements while considering possible defects and bugs 4.

Finally, and discuss the broader implications of smart contracts, envisioning a future where this technology can significantly affect internet freedom and even rewrite internet power structures 5.