Smart contracts: Five things to know

Increasingly, it seems we are living in an age where everything is becoming ‘smart’; from smartphones to smart televisions and smart cities.

Now, even contracts are undergoing the transition, and companies are starting to explore potential uses and benefits that smart contracts may be able to offer their business.

For those unfamiliar with the concept of smart contracts, this article answers five key questions related to this emerging technology.

Areas covered:
• What exactly is a smart contract?
• How does it work with blockchain?
• What might you see smart contracts for?
• What are the key benefits?
• Are there any associated risks?