Post 2. Power in Smart Contracts

Most people who aren’t familiar with what a smart contract is and what it does should consider developing an understanding of this digital concept that continues to add scalability to the crypto industry. Without getting too deep into the technical side, Bitcoin first made its presence known when it introduced a way to conduct financial transactions with an automated algorithm that would validate, log and transfer value from one person to another directly without the intervention of a middleman. The concept was solid but the time in which it took to process these transactions didn’t convince an audience to use digital currency as a means of payment for goods and services. Other cryptocurrencies began to emerge and out of them all, Ethereum established its presence by introducing what is called “smart contract”. The smart contract was the gamechanger the industry was looking for.

The smart contract has embedded within itself the requirements, that when met, approves a transaction by validating that the contract has been executed within the parameters that were programmed into the algorithm. Although it may seem complicated to wrap your mind around, rest assured that it’s a rather easy concept…with a little due diligence of course. The uses of smart contracts have evolved since its inception and continue to be applied in many ways that are deemed appropriate. Do you think that smart contracts have developed over the years, and if so, then why? Or do you think that smart contracts haven't improved much since they were introduced? Give your insight based on your experience or what you have learned from your own personal study.