Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
Smart contract applications, limitations and future outlook
Jan 28, 2021
With blockchain hype being over, its scope of applications has gone way beyond cryptocurrency. Smart contracts, which have to be initiated on a blockchain, have the potential to significantly reduce transaction costs, minimize the need for intermediaries, and largely automate contracting processes. Let’s figure out the most prominent smart contract use cases in different industries and discuss their limitations.