Smart Contract: the digital deal maker

Imagine you're selling your house. The process usually involves a lot of paperwork, intermediaries like lawyers and real estate agents, and it can take weeks or even months to finalise the deal. But what if there was a way to simplify this process, making it faster, cheaper, and more secure?

That's where smart contracts come in.

Smart contracts are self-executing contracts with the terms of the agreement. They automatically execute transactions when predefined conditions are met, eliminating the need for intermediaries.

Let's go back to our house selling story. If you and the buyer agree on a price, a smart contract could be programmed to automatically transfer ownership of the house when the conditions of the deal are met. For example, the smart contract could be set to transfer ownership once the buyer has paid the agreed-upon price and all necessary documents have been verified. But smart contracts aren't just for house selling. They can be used in a variety of industries, from supply chain management to car reselling.

Smart contracts are typically stored on the blockchain, the same technology behind Bitcoin. This makes them secure and transparent. Once a smart contract is deployed on the blockchain, it cannot be altered, ensuring that the terms of the agreement are upheld.

But how do smart contracts work?

They are programmed using coding languages. The code defines the rules and penalties of the agreement, and once deployed on the blockchain, the smart contract listens for incoming transactions. When the conditions of the agreement are met, the smart contract automatically executes the transaction.

In conclusion, smart contracts could revolutionise the way we make deals. They eliminate the need for intermediaries, making transactions faster, cheaper, and more secure. As a notary, you might need to learn coding very soon. Who knows, maybe there will be a demand for "smart notaries" in the future.