What is smart contract?

51 sec read

Smart contracts were first implemented in Ethereum blockchain as a way of additional control over transactions. However, the scope of their application is much wider.

In a nutshell, a smart contract is an algorithm that captures the actions of contractors and verifies it, according to the set parameters. As an uninterested party, the smart contract follows an impartial follow-up to the terms and conditions and can automatically fine the unscrupulous participant. Due to this, the need for intermediaries is eliminated, since the security of the transaction is automatic.

The simplest example of using a smart contract is a purchase in an online store. The buyer and the seller discuss the terms of payment and delivery, then the funds move from the buyer’s account to the blockchain and keep frozen until the seller fulfills his part of the contract.

This technology can benefit to the areas of fraudulent activities’ risk: finances, insurance, real estate, credits, trading, taxation, sweepstakes and elections.

The scope of ENDO’s smart contracts is not limited by anything, because the technology allows tracking complex, multi-level contract terms, providing participants with complete security and transparency of the transactions.

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