The smart contract was formally defined by Nick Szabo in his 1996 paper titled, Smart Contracts: Building Blocks for Digital Markets. He described it as follows:
Yup, that's it. That's the definition. Duh! What's so exciting about it? Let us spice it up a little bit. If we closely observe the definition, we will see that it consists of four specific elements:
- A set of promises: These are basically business conditions. For example, Judy and Ashley are business partners who jointly own an auction company. A simple business condition could be as follows:
- IF the auction sale results ...