SMART CONTRACTS IN SIMPLE WORDS — PART II
The phrase “smart contracts” could sound amazing nowadays because technology floods our daily lives.
Mickael Mosse — Blockchain and Cryptocurrency Expert, explains in simple words the main points to understand what is a smart contract, how to use one, and how to manage in the usual routine.
What is a smart contract?
They are a digital contract type that defines rules and penalties of a specific agreement between two parties. The difference between smart and traditional contracts is that these make the obligations done automatically.
According to Mickael Mosse, smart contracts are coded to make a must for each rule specified inside of them.
How to use a smart contract?
Mickael Mosse has collected some examples in the daily routine where anyone can use a smart contract even without notice about it.
Files storage
The smart contracts offer a great possibility of reducing cyber-attacks when a user uses electronic files in Google Drive or Dropbox.
The problem here is that there is usually not enough storage space inside the Blockchain, but there is a solution inside of decentralized cloud storage as Ethereum, for example.
From the user side, the system is usually working. Still, you know that the content will be stored in multiples computers of anonymous users instead of stored in data centers, according to Mickael Mosse.
Crime
Using smart contracts is a powerful tool against the crime because the Blockchain can detect crime tactics before attackers can attack.
All the normative elements, such as parties identification, information, transaction records, and other rules, can be defined in the smart contracts in order to make them completed automatically.
Social media
User data in social media are insecure because when you register in one of them, they can freely use your data. With a smart contract during the registration process, the user can adjust its data security level and leave the rules defined.
Elections and surveys
The promise of using smart contracts during elections and survey processes eliminates fraud, guarantees the results’ transparency, and the voters’ anonymity. It sounds great, no? However, to could do it, it is necessary to decentralize the voting, and there is an unexplored path nowadays, according to Mickael Mosse.
