What Is A Smart Contract - Implications For Buying Property

Smart Contracts

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What Is A Smart Contract ?


Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
 

Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist.

Szabo defined smart contracts as computerized transaction protocols that execute terms of a contract. He wanted to extend the functionality of electronic transaction methods, such as POS (point of sale), to the digital realm.


 


 

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