Blockchain AI Smart Contracts
A smart contract is a digital agreement that enforces itself. The common example is a vending machine. You insert money and you can either (1) get your money back, or (2) acquire merchandise. Like a smart contract, vending machines are programmed once and then run forever.
Smart contracts have many advantages. They’re written in unambiguous computer code and are entirely self-contained. Unlike legal contracts, there is absolutely no need for an external authority to make decisions — smart contracts are run by a group of equal peers. No judges, no juries, no mediators. However, smart contracts are very hard to write correctly, once written are irreversible, and their influence is limited to cyberspace.
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