What

Computer software designed as an automated self-enforcing contract (thực thi tự động), trigger khi có một hoạt động đáp ứng các nhu cầu đã define trước. basically lines of code that execute a specific function once certain conditions are met. If... then... ex: music => nếu có lượt nghe đáp ứng đủ điều kiện (70% thời lượng) => artist nhận tiền

• Process auto => more efficient, less prone to human error
• No third party, trustless
• Cost effective (?)

Another area in which smart contracts are suitable is the financial services industry. For instance, the technology may be used to automate the clearing and settlement of trades, the payment of bond coupons, or even the calculation and payout of insurance claims.

Despite their obvious applications in finance, smart contracts are versatile enough to apply to practically any industry in which funds, digital assets, or any kind of digital information need to be transferred between parties. The equipment leasing industry, for instance, has made extensive real-world use of these contracts to make lease agreements more efficient.

In the healthcare sector, the technology is being explored as a countermeasure against data manipulation in clinical trials. Smart contracts can even be used to enforce intellectual property agreements by establishing a definitive record of shared ownership rights and allocating all royalties and earnings from pieces of intellectual property accordingly.