{"id":3133,"date":"2022-05-13T16:37:32","date_gmt":"2022-05-13T16:37:32","guid":{"rendered":"https:\/\/gospeedhub.com\/?p=3133"},"modified":"2022-05-13T16:37:34","modified_gmt":"2022-05-13T16:37:34","slug":"smart-contracts","status":"publish","type":"post","link":"https:\/\/gospeedhub.com\/blogs\/smart-contracts\/","title":{"rendered":"What Are Smart Contracts?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Smart contracts are digital agreements that execute automatically based on real-world inputs. They are immutable, distributed, and stored on the blockchain. The terms of the agreement between both parties are written into lines of code.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Smart contracts are automatically executed when predetermined terms and conditions are met; they permit trusted transactions and agreements between anonymous parties without a central legal authority.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although various blockchains support smart contracts, Ethereum is currently the biggest supporter of smart contracts. They are programmed with a unique programming language called Solidity.<\/p>\n\n\n\n<h2 id=\"brief-history-of-smart-contracts\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459079159 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Brief History of Smart Contracts<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nick Szabo initially conceived the idea of smart contracts as a graduate student at the University of Washington in 1997. He explained that he used &#8220;smart&#8221; because these contracts could execute pre-programmed steps that traditional paper contracts could not.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bitcoin technology was invented ten years after; then, smart contracts were permitted to venture beyond theory and become a reality.<\/p>\n\n\n\n<h2 id=\"benefits-of-smart-contracts\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459095310 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Benefits Of Smart Contracts&nbsp;<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<h2 id=\"transparency\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459105092 is-style-cnvs-block-section-heading-4 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Transparency<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The terms and conditions of a smart contract are encrypted and visible or accessible to all relevant parties. This transparency removes any possibility of manipulation, bias, or error.<\/p>\n\n\n\n<h2 id=\"speed-and-accuracy\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459200020 is-style-cnvs-block-section-heading-4 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Speed and Accuracy<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Smart contracts are digital and automated; there&#8217;s no paperwork to process and no time spent reconciling errors that often result from the traditional filling of documents.<\/p>\n\n\n\n<h2 id=\"security\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459209541 is-style-cnvs-block-section-heading-4 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Security<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">These contracts use the highest form of data encryption available, the same that crypto-currencies use. This level of protection makes smart contracts one of the most secure items on the world wide web.<\/p>\n\n\n\n<h2 id=\"storage-backup\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459219412 is-style-cnvs-block-section-heading-4 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Storage &amp; Backup<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Smart contracts store the essential details in every transaction. In other words, anytime your details are used in an agreement, they are permanently stored on the blockchain for future records and cannot be altered.&nbsp;<\/p>\n\n\n\n<h2 id=\"where-can-smart-contracts-be-used\" class=\"cnvs-block-section-heading cnvs-block-section-heading-1652459251476 halignleft\" >\n\t<span class=\"cnvs-section-title\">\n\t\t<span><strong>Where Can Smart Contracts Be Used?<\/strong><\/span>\n\t<\/span>\n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Finance<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Insurance<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">E-commerce<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Auditing and taxation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elections&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Charities&nbsp;<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Please visit us @GoSpeedHub on\u00a0<a href=\"https:\/\/www.facebook.com\/gospeedhub\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.instagram.com\/gospeedhub\/\" target=\"_blank\" rel=\"noreferrer noopener\">Instagram<\/a>, and\u00a0<a href=\"https:\/\/twitter.com\/gospeedhub\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>\u00a0for more information.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Image Source &#8211; Nenad Novakovi\u0107<\/p>\n","protected":false},"excerpt":{"rendered":"Smart contracts are digital agreements that execute automatically based on real-world inputs. They are immutable, distributed, and stored&hellip;\n","protected":false},"author":2,"featured_media":3134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_1331110278889566212_1331110278889566212":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[12],"tags":[279,98,140,101,557,555,556,558],"class_list":["post-3133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","tag-2023elections","tag-blockchain","tag-cryptocurrency","tag-ethereum","tag-polkadot","tag-smart-contracts","tag-solana","tag-usdt","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are Smart Contracts? 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