SMART CONTRACT

“//The Middle Man// replacement with Smart Contract”

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. The Programming language used for writing smart contracts in Ethereum is called Solidity Programming language.

example

when buying a house involves the exchange of title deed after finalization of the payment. But for the confirmation of transaction a third party is required (mostly lawyers). And there service fee is always high.

What Smart Contract does is replace “lawyer Contract” with “Programming Contract” with set of rules that are assigned such that until when person A meets the requirements within the WALLET then person B releases the asset. This will cut the cost of service by hundreth of the fee as compared to the third party. For the contract to be appreciated it has to be Bug Proof , Hack Proof for transaction obligation to be met.