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Friday, March 09, 2018

Bluefabric Defines the Smart Contract

As we examine the idea of a Smart Contract, we are coming to realize that it's construction will be the ultimate challenge.    Never before have we had to consider all the implications, current and future of a contract.  The risks involved.    Can it forecast and simulate its operation and goals under future conditions?  More opportunity for analytics

What is a smart contract and why it means the Future  by Bluefabric: 

"Smart” is probably one of the most used words nowadays: smart phones, smart watches, smart TVs, and even smart homes. But what is a smart contract and how are they set to shape our future?

To start with a formal definition, smart contracts are self-executing agreements between two parties (usually a buyer and a seller), which are directly written into lines of code and exist across a decentralized blockchain network. Blockchain is the technology that also underpins the much-discussed cryptocurrencies. Smart contracts allow for trusted transactions among different anonymous parties without involving a central authority or a middleman. Therefore, their primary aim is to provide better security than traditional contracts and to reduce transaction costs associated with contracting. .... " 

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