The most frequently used example to explain smart contracts
Posted: Thu Jan 30, 2025 6:38 am
An agreement is the legal act that creates, transmits, modifies or extinguishes the legal consequences arising from the will of the parties. Smart Contracts are agreements whose fulfillment occurs automatically through the intervention of machines linked by a computer network and without the direct participation of the contracting parties in its execution. The will of the contracting parties is the cause principle by virtue of which Smart Contracts may generate legal consequences, but said consequences will occur through the automated action of the computer network in which they operate.
Automation of compliance in “Smart Contracts” ensures their effectiveness and efficiency of operation by eliminating human criteria in their compliance.
Perhaps the most affordable example of a Smart Contract is the purchase of items from a vending machine. If the vending machine is working properly and money is inserted into the machine, then a sales contract will be automatically executed and the product will be made available to the buyer at the respective slot.
We are sure that you were not expecting such a simple explanation of the technological switzerland email list revolution that Smart Contracts claim to be; however, that is how it seems to be. However, this reductionist vision regarding definition is not matched by the revolutionary vision that imports its technical, technological, sociological and economic operation.
Is the operation of a vending machine. Figure 1 shows a diagram that illustrates this behavior.
Automation of compliance in “Smart Contracts” ensures their effectiveness and efficiency of operation by eliminating human criteria in their compliance.
Perhaps the most affordable example of a Smart Contract is the purchase of items from a vending machine. If the vending machine is working properly and money is inserted into the machine, then a sales contract will be automatically executed and the product will be made available to the buyer at the respective slot.
We are sure that you were not expecting such a simple explanation of the technological switzerland email list revolution that Smart Contracts claim to be; however, that is how it seems to be. However, this reductionist vision regarding definition is not matched by the revolutionary vision that imports its technical, technological, sociological and economic operation.
Is the operation of a vending machine. Figure 1 shows a diagram that illustrates this behavior.