Transforming Business Agreements with Blockchain
Technology
Introduction to Smart Contracts
Smart contracts have been revolutionising the way we execute
agreements in the modern world. These are not your typical
contracts, but computer programmes that automate the enforcement of
agreements, stored securely on a blockchain. They trigger actions,
such as transferring funds, when predefined conditions are met,
ensuring a seamless, trustworthy, and efficient process.
How Smart Contracts Work: A Real-World Example
Imagine you are the manufacturer for a large pharmaceutical
company. Presently, you are using a traditional written contract
with your customer, the pharmaceuticals company, which sets out
that if you manufacture 50,000 units of paracetamol, you will be
paid £100,000.
