Imagine a world where stacks of paper are no longer needed when you draw up a contract — any contract. Buying a new house, signing an employment contract, getting a new bank account — so many contracts, so little time.
A smart contract negates the need for a middleman, sort of like the way Uber and Airbnb have taken away the intermediaries in their respective industries. Once mass adoption occurs, smart contracts will change the way we do admin-intensive tasks forever.
But what makes it a SMART contract? See for yourself.
⏰Time Stamps⏰
0:07 how contracts work
0:16 smart contracts
0:43 contracts for buying a home
1:05 buying a home with smart contracts
TRANSCRIPTION
we all may be familiar with what our
contract is it’s an agreement to do or
not do something in the future within
certain parameters and under certain
conditions smart contracts bring the
concept up to date their contracts
written into lines of code and are self
executing that’s why they’re smart as
such they avoid the need for trusted and
expensive intermediaries think about the
joys of buying a new home it’s a pivotal
moment for lots of people buying and
selling a house is incredibly complex
when it should be a matter of
transferring money in exchange for
property if certain conditions are met
you need a lot of middlemen from lawyers
to bankers and surveyors and will likely
be faced with an extra fee or tax here
in there it’s so expensive and stressful
that it takes the shine out of most
people’s dreams of a new life now
imagine doing that in a foreign country
foreign borders foreign rules and a
whole set of other unknowns smart
contracting relieves you of those
headaches putting a smart contract
together will help provide more
transparency and efficiency this creates
more trust and the transaction can be
fulfilled without the need for
intermediaries to be involved once a
smart contract is set up watch the
process begin once all the conditions
are met you.