What’s the Deal with Smart Contracts?

Allan, COO of Medallion XLN

I love how comedians these days make fun of how simplistic and brilliant comedy was in the 90s. Jerry Seinfeld would open a joke with a very simple question or observation, and from there, his genius would flow. Jerry, and comedy itself, has evolved since then. Everything evolves. We have grown accustomed to things changing. You don’t expect your iPhone to remain the same in 5 years, right?  

Today, we use contracts and agreements for every type of transaction. More sophisticated contracts require lawyers to get involved, trustees, banks, etc. Each of these entities requires payment for services rendered. What if we could eliminate all of that? Effectively automate those services in a safe and transparent way? This is the idea behind smart contracts. A smart contract defines the agreement as computer code running on the blockchain. We replace paper and third-party entities with sophisticated and secure electronic transactions. Sounds good, right? A no trainer. So what is the deal with smart contracts? Why aren’t they readily available and part of our everyday lives? That is what I intend to find out.  

Stay tuned…

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