Emerging smart contracts
When the Bitcoin blockchain becomes linked with so called “sidechains” – it will be able to achieve much more than just monetary payments. For example, smart contracts are believed to have the potential to change the world even further. There are plans for Rootstock _ a blockchain project independent of Ethereum with the purpose of modeling and improving smart contracts. Should significant improvements such as Rootstock evolve, and that’s sure to happen, it is smart to buy bitcoin before its release.
If you’re wondering what “smart contracts” are – they help the exchange of money, property, shares or anything of value in a transparent, conflict-free way – while avoiding the services of a middleman. A great way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply put a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever is placed into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but it also automatically enforces those obligations. Smart contracts will be undeniably faster, cheaper and more secure than traditional systems – which is why banks and governments are so interested.
Self-executing contracts will remove the need for a host of “middlemen” and the fees they charge!