Smart Contracts – Support for Successful Businesses

Smart contracts have been one of the hottest topics over the last few years. They represent a step forward in the progression of blockchains from a financial transaction protocol to an application that automatically implements the terms and conditions of a business agreement. A smart contract is a c...

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Bibliographic Details
Published in:Informatica economica 2022-12, Vol.26 (4/2022), p.28-39
Main Author: MATEI, Gheorghe
Format: Article
Language:English
Subjects:
Agreements
Blockchain
Computers
consensus
Contracts
Cryptography
Digital currencies
hash code
immutability
oracles
Protocol
smart contracts
Szabo, Nick
Third party
Vending machines
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Summary:Smart contracts have been one of the hottest topics over the last few years. They represent a step forward in the progression of blockchains from a financial transaction protocol to an application that automatically implements the terms and conditions of a business agreement. A smart contract is a computer program that runs on a network that uses a consensus protocol that helps the network s nodes make decisions about actions to follow, and is responsible for the network to be trustless. It ensures the automatic and direct transfer of digital currencies, goods, assets, or information between parties without the needfor intermediaries. This paper aims to briefly present the smart contract technology, its advantages and disadvantages, as well as several areas that could gain important benefits by implementing new systems based on blockchain and smart contracts.
ISSN:1453-1305
1842-8088
DOI:10.24818/issn14531305/26.4.2022.03