dido:public:ra:xapend:xapend.a_glossary:s:smart_contract
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dido:public:ra:xapend:xapend.a_glossary:s:smart_contract [2020/11/13 02:28] nick ↷ Page moved from dido:public:ra:xapend.glossary:s:smart_contracts to dido:public:ra:xapend:xapend.glossary:s:smart_contracts |
dido:public:ra:xapend:xapend.a_glossary:s:smart_contract [2022/02/03 12:25] (current) nick ↷ Page name changed from dido:public:ra:xapend:xapend.a_glossary:s:smart_contracts to dido:public:ra:xapend:xapend.a_glossary:s:smart_contract |
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| - | ===== Smart Contracts ===== | + | ===== Smart Contract ===== |
| - | [[dido:public:ra:xapend.glossary| Return to Glossary ]] | + | [[dido:public:ra:xapend:xapend.a_glossary:start| Return to Glossary ]] |
| - | **Smart Contracts** are self-executing contracts 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. | + | A **Smart Contract** is a [[dido:public:ra:xapend:xapend.a_glossary:d:decentralized_application|decentralized application]] that executes business logic in response to events. Smart contract execution can result in the exchange of money, delivery of services, unlocking of content protected by [[dido:public:ra:xapend:xapend.a_glossary:d:drm]], or other types of data manipulation such as changing the name on a land title. Smart contracts can also be used to enforce privacy protection by, for example, facilitating the selective release of privacy-protected data to meet a specific request. |
| - | Source: [[https://www.investopedia.com/terms/s/smart-contracts.asp | Smart Contracts ]] | + | There are a variety of architectures for how the programs underpinning smart contracts are developed, distributed, managed, and updated. They can be stored as part of a [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]] or other [[dido:public:ra:xapend:xapend.a_glossary:d:dlt|distributed ledger technology]], and integrated into various payment mechanisms and digital exchanges that can include [[dido:public:ra:xapend:xapend.a_glossary:b:bitcoin|bitcoin]] and other cryptocurrencies. |
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| + | Despite the name, smart contracts are not legally binding contracts. Their main function is to programmatically execute business logic that performs various tasks, processes, or transactions that have been programmed into them to respond to a given set of conditions. Legal steps must be undertaken to link this execution to legally binding agreements between parties. | ||
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| + | Source: [[https://searchcompliance.techtarget.com/definition/smart-contract ]] | ||
dido/public/ra/xapend/xapend.a_glossary/s/smart_contract.1605252514.txt.gz · Last modified: 2020/11/13 02:28 by nick
