Sep 13
2017
What is a Smart Contract?
A smart contract is a computer protocol which was designed with the goal of digitally facilitating, verifying, or enforcing the negotiation of a contract. Through the protocol, credible transactions can be successfully processed without the use of a third party and are trackable and immutable; that is, they cannot be modified or removed after being successfully completed. Their entire purpose for being designed is to provide a higher level of security unattainable by traditional contractual law and to reduce other transaction costs associated with the traditional process.