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TikTok The Smart Contract just got Smarter
Believe it or not, there's a Smart Contract that we created just to write this really big and cool title that you're reading right now.
What’s so Smart about the Contract?
Smart Contracts work by following simple instructions like, “if or when something happens, then the following action must occur”. This logic or instruction is written on a blockchain, allowing transparency, immutability and efficiency.
Do it Faster
Smart Contracts are just programs that run when a precondition is met, these programs are created on a blockchain. The reason why Smart Contracts were created is because of the lack of efficiency and the intermediary involvement that still exists in our digital age. This allows it to automate a workflow, or an execution of an agreement so that all participants can be absolutely certain of an outcome.
The Innovation it has Brought
Smart Contracts allow people to do a variety of everyday things with assurance such as releasing funds to the designated person or people, legally binding contracts such as marriage licenses or selling houses and it’s even used in machine learning and artificial intelligence.
Why It's Just So Good
Smart Contracts have already saved millions and millions of dollars in various industries such as Finance, Real Estate, Legal and in Emerging Technology. This is because of the increased transparency and efficiency that comes with using the immutable programming through the Smart Contracts.