Smart contracts are gaining popularity, though the term itself dates back to 1997. Nick Szabo coined the term, describing it in relation to having a ledger that stores contracts. Smart contracts are completely digital contracts that are stored in the blockchain. Smart contracts have two defining features: they are immutable, meaning they cannot be changed once they are created, and they are distributed, which means that all parties involved need to validate the Contract.
This post first appeared on Nexa Blog - Digital Marketing Agency Dubai, please read the originial post: here