Smart Contract - Finance and Technology

in LeoFinance2 months ago

Finance and Technology - Smart Contract

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What are Smart Contracts? Give your opinion.

As you are friends, to know what a Smart Contract is, which in its translation is a smart contract, we must begin by handling what is a normal contract; and it is nothing more than an agreement expressed between two or more parties, which can be oral or written, in this agreement what we do is an agreement in which they define a series of premises or rules, which all parties must comply with and also the things that cannot be done are defined and what are the consequences of skipping any of these clauses.

In the same way, a Smart contract or contract is also an agreement between two or more parties, but in this case it is written in some programming language and what it does is run automatically within a blockchain, this then implies that all the clauses of this contract are code sentences, therefore what we achieve with this is that none of these rules, none of these clauses can be interpreted or manipulated by the parties that form the contract, and this has been making one of the advantages and a significant difference with normal contracts.

Why do you think Smart Contracts are important?

One of the main features is that the contracts are executed automatically within a blockchain, so there is no need for a third person (lawyer, state, judge or actor) to mediate between the parties, which is sometimes necessary in the usual contracts for interpretations do not exist here and the truth is that this is quite an important saving, above all of money, resources and time.

And the truth is that all this sounds great and it really should be the future, society should aim for an anarcho-capitalist system and with this technology we would get rid of the supposed "justice" that the state establishes and offers.

Imagen creada por mi en playgroundai - Todas las partes interesadas debe estar satisfechas con el contrato inteligente.

Explain an example of a Smart Contract on Steem Blockchain.

Thanks to the Smart Contract you can not only sell or buy steemit or SBS, but you can also lend, lend, offer original and unique art through NFTs, among others.

But a great idea for steemit would be the assignment of tasks, there are many people with very specific skills and experience who can be sued by someone who requires or needs them, and as if it were a newspaper, a certain task would be requested that would be framed in a Smart Contract, the person offers and "signs" the contract committing to comply with its clauses.

And in this way, the gap between someone who demands a service and a person who complies by offering would be closing.

Can Smart Contracts affect the job stability of people, in a company or business? Give your opinion.

And in the case of using Smart Contracts to establish the employment relationship between a person in a company, great care should be taken in the clauses that are accepted by both the contracted party and the contracting party, since Smart Contracts are executed automatically, it could affect the development of a person at work, since they would have the pressure of faithfully fulfilling the contract that they signed.

People are not robots that would faithfully fulfill a smart contract, there would have to be flexibility clauses since we are human, we make mistakes and we are exposed to different circumstances.

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