Smart contracts

The Contract - an agreement between two or more persons

Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that obviate the need for a contractual clause. Smart contracts usually also have a user interface and often emulate the logic of contractual clauses. Proponents of smart contracts claim that many kinds of contractual clauses may thus be made partially or fully self-executing, self-enforcing, or both. Smart contracts aim to provide security superior to traditional contract law and to reduce other transaction costs associated with contracting. Wikipedia

Design by contract

Design by contract (DbC), also known as contract programming, programming by contract and design-by-contract programming, is an approach for designing software. It prescribes that software designers should define formal, precise and verifiable interface specifications for software components, which extend the ordinary definition of abstract data types with preconditions, postconditions and invariants. These specifications are referred to as "contracts", in accordance with a conceptual metaphor with the conditions and obligations of business contracts. Wikipedia

A design by contract scheme

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Smart Contracts: Binding agreements, verified through data and automatically enforced by technology
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Smart Contracts are a set of contractual clauses written in computer code; verified for performance based on data eg:bank transactions and enforced by technology rather than a legal system.

Smart Contracts perform this verification and enforcement near instantly; as soon as the relevant data signifies that an obligation has been met.

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Smart contracts (the Fourth revolution value)

This is done at our request, the author compressed remake of the earlier works. Published in the journal "Computerra" №38 from 29 September 1998. Author: NICK SABO Read more...