How Is A Smart Contract Created?
A smart contract is nothing more than lines of code that executes a contract once the terms of an agreement have been met. As such, creating a smart contract is much the same as developing a computer program.
That said, bugs in the smart contract code can have a severe impact — including allowing hacks or incorrect contract execution — so it’s vital smart contracts contain no faulty computer code.
When Was The First Smart Contract Created?
The first proper example of a smart contract happened in 2009, primarily enabled by the appearance of cryptocurrencies.
These days, most smart contracts are associated with a cryptocurrency. Some believe smart contracts can’t exist without an associated currency: as decentralized cryptocurrency protocols are essentially smart contracts with decentralized security and encryption.
Smart contracts are widely used in several cryptocurrency networks, but they are most prominent on the Ethereum blockchain.
Where Can I Use A Smart Contract?
Elitium is developing a custom smart contract for yacht charters.
Once available, it will streamline the end-to-end charter process and remove most of the manual overhead. This will make yacht charters extremely simple, efficient, and quick to coordinate — eliminating the back-and-forth between parties to finalize contract terms.
As such, the smart contract will be both a time and cost-saver for businesses.
See a smart contract in action: charter a yacht on the blockchain today.