Chapter 6. Smart Contracts
This chapter provides an introduction to smart contracts. This is not a new concept, but, with the advent of blockchain, interest in this concept has revived, and this is now an active area of research in the blockchain space. Due to the cost saving benefits that smart contracts can bring to the financial services industry by reducing the cost of transactions and simplifying complex contracts, rigorous research is being carried out by various financial and academic institutions in order to formalize and make the implementation of smart contracts easy and practical, as soon as possible.
History
Smart contracts were first theorized by Nick Szabo in the late 1990s, but it was almost 20 years before the true potential and ...
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