Smart-Contracts-The-Other-Fruit-Articles-And-Insights-Making-Choice-Personal-Independent-Artist-Collaboration-Network-Private-Biosphere

Most succinctly defined as 'programmable money' smart contracts were conceived long before blockchain

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Parties set a quantity to be transferred from one destination to another, agreeing to this definition as represented in a time-locked, coded order. Much like inter-bank transfers between clients, such a contract may entail that [A] will in one hour move value [V] to [A2]

Minimally dependent on identity validation, destination and source the specified fungible resource is allocated until such time of completion [21] As opposed to an employee’s potential error[s] in execution, the smart epithet comes from say a computerized {AV → A2 = A2V}

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Demarcated by identified participants, authorized smart contracts can be thought to enact synchronized transfers. These can be done on blockchain networks, perhaps say accountable using Bitcoin [22]

Programmed transactions containing increasingly complex timing triggers, inter-party relations and layered authorization structures as well as multiple variables are in development by numerous organizations [23] Nevertheless, cryptocurrency’s use is fundamentally and continuously performed via smart contract

Denoting merely forms of digitally facilitated escrow [24] cryptocurrency exchanges and smart contracts can theoretically function without "risk of censorship, moderation or theft"

[25]

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Adding some thoughts from the World Economic Forum "Smart contracts are programmatic functions executed when certain specified conditions are fulfilled. These self-enforceable protocols written in code are powered by asset or transaction registries on a decentralized ledger, thus removing the chance of any corruption in the registry information. These contracts eliminate the chances of non-performance of the contract by either party, so no legal mechanism is required to enforce the contract.

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This process eliminates the chance of non-performance as it is self-executing and non-repudiating (the parties to the contract can’t deny the contract execution or failure). Since performance is now mandated by technology, parties will not experience breach of contracts leading to court disputes. But the power of blockchain and smart contracts is only fully realized when they can reliably interact with other external, non-blockchain systems. In the “real” world where data is rarely generated and stored on a distributed ledger, smart contracts need governance models to harmonize inter-system communication.
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Many national systems (citizen service portals, ID systems, real-time payments systems, property and land registries, insurance and welfare schemes) are major infrastructural platforms for a country. While the coding capability of smart contracts has progressed from just being able to execute currency-like transactions to full programmability, it is still not able to code for all possible contract scenarios. The innovative potential of blockchain, therefore, to drive efficiency and transparency can only be realized if smart contract systems can communicate reliably with non-blockchain systems and auto-execute transactions..."

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distributed ledger tech

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