A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. Smart contracts were first proposed in by Nick Szabo, an American computer scientist who invented a virtual currency called "Bit Gold" in , fully 10 years before the invention of bitcoin. In fact, Szabo is often rumored to be the real Satoshi Nakamoto, the anonymous inventor of bitcoin, which he has denied.
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Smart contracts, Blockchains Databases , Application software -- Security measures, Cryptocurrencies. Ethereum is a unique offshoot of blockchain technologies that incorporates the use of what are called smart contracts or DApps -- small-sized programs that orchestrate financial transactions on the Ethereum blockchain. With this fairly new paradigm in blockchain, however, comes a host of security concerns and a track record that reveals a history of losses in the range of millions of dollars.
This page of the essay has words. Download the full version above. Blockchain technology is much broader than just bitcoin or other digital currencies. Sustained levels of robust security have been achieved by public cryptocurrencies.