Blockchain
By Dan Saada
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Smart contracts are already making several applications in the world very practical and highly functional. They are everywhere on applications on the blockchain.
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Blockchain being an immutable distributed ledger, it is hard to change something later. Literally, the details are there forever.
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It is a lot of math that makes this technology be what it is. In simple terms, blockchain is a history of all transactions.
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A technology platform like Ethereum + blockchain, it is possible to build decentralized applications aka dApps. At the core dApps are smart contracts.
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Olga Mack, TEDxSanFrancisco points to how smart contracts are a misguided name. They are not really smart. And, they are not really contracts.
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At the core, they facilitate 3 functions. They store rules, they verify rules, and they self-execute rules. They are like very secure vending machines.
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Because, they are blockchain applications, there is no intermediary. There is no broker. There is no escrow agent.
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So, to summarize, smart contracts are pieces of code, they are very secure and they self-execute.
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They have the potential to solve problems that have never been solved before. Also, smart contract can power just one application or it can combine more than one application.
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