Smart Contracts in Action: Potential and Real-World Use Cases
Smart Contracts in Action: Potential and Real-World Use Cases

Summary/Abstract: Smart contracts, initially conceptualized almost three decades ago, have evolved from a theoretical concept into a transformative technology, particularly with the rise of Ethereum blockchain. Despite their growing use cases, a universally accepted definition of smart contracts has yet to be established. At their core, smart contracts are self-executing software programs deployed on blockchain platforms, designed to automate and facilitate transactions without the need for intermediaries. Their technological features - such as immutability, transparency, pseudonymity, automatic-execution, and automatic-enforcement - make them a promising tool for automating agreements across various industries, including finance, insurance, commerce, intellectual property and real estate.

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