Nick Szabo defines smart contracts as “a set of promises, specified in digital form, including protocols within which the parties perform on these promises.” In a 1996 paper Szabo argued that smart contracts have the potential to revolutionize digital markets by making it possible to automate the execution of contracts and reduce the need for trust between parties.
In this article, smart contracts are explained, alongside their mechanism and their use cases. Then Bitcoin smart contracts are discussed.
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The Interdisciplinary Nature of Smart Contracts
The development of…
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