Bitcoin technology allows us to do a great many things in all aspects of life. Not only can we use Bitcoin as a payment method for various goods and services – both online and offline – but the underlying technology has tremendous potential. And one of the most interesting adaptations of that technology comes in the form of smart contracts.
Smart Contracts – The Optional Human Element
The beautiful thing about smart contracts is that they work in the same manner as any regular contract, drawn up between multiple parties. A certain set of expectations has to be met to validate the contract and create a favourable result. In most cases, that result will be the change of money from one party to (an)other(s).