Image courtesy of Hacker noon In this article I take a look at Smart Contracts. Smart Contracts have taken a center stage as one of the applications of blockchain technology. Although it is widely accepted that they have great potential to change the way business is conducted globally, there still remains a low understanding of the concept. This article attempts to give an understanding of the concepts surrounding Smart Contracts, the potential, challenges, and future of smart contracts. History of smart contracts In 1994, Nick Szabo, a legal scholar and cryptographer realized that the decentralized ledger could be used to convert contracts to computer code so that they could be stored and replicated on the system and supervised by the network of computers that run the blockchain. He introduced what he called smart contracts, also known as digital contracts or self-executing contracts. Definition of smart contract A smart contract is a computer protocol intende
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