{"id":5234,"date":"2021-06-04T01:10:35","date_gmt":"2021-06-04T01:10:35","guid":{"rendered":"https:\/\/3.26.50.104\/?page_id=5234"},"modified":"2021-08-05T04:20:39","modified_gmt":"2021-08-05T04:20:39","slug":"what-is-a-smart-contract","status":"publish","type":"page","link":"http:\/\/3.26.50.104\/education\/what-is-a-smart-contract\/","title":{"rendered":"What is a Smart Contract?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"5234\" class=\"elementor elementor-5234\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6d32ef elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"c6d32ef\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d83ee3c\" data-id=\"d83ee3c\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4ce110a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ce110a\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-46fe7ba\" data-id=\"46fe7ba\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-40e9f69 elementor-widget elementor-widget-html\" data-id=\"40e9f69\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<a style=\"color: #FFFFFF; \" href=\"javascript:history.go(-1)\" onMouseOver=\"self.status.referrer;return true\">\u2190 Back<\/a>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e93a05 elementor-widget elementor-widget-heading\" data-id=\"2e93a05\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a Smart Contract?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a40fdf9\" data-id=\"a40fdf9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73fc79f elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"73fc79f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"228\" height=\"84\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/smart_contract_visual.png\" class=\"attachment-full size-full\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7451df4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7451df4\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-4e90109\" data-id=\"4e90109\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3abbde0 elementor-widget elementor-widget-heading\" data-id=\"3abbde0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Definition<\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4eeed47 elementor-widget elementor-widget-text-editor\" data-id=\"4eeed47\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts are self-executing digital contracts that allow some form of direct exchange between two people, without the need for a \u00a0third party like a bank or real-estate agent.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4ac5dc5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ac5dc5\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e09303 before-icon-bi\" data-id=\"6e09303\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f977fd4 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"f977fd4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"66\" height=\"109\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/location.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bf332b elementor-widget__width-auto elementor-widget-mobile__width-auto elementor-widget elementor-widget-heading\" data-id=\"5bf332b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Understanding Smart Contracts<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d87b44 elementor-widget elementor-widget-text-editor\" data-id=\"3d87b44\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts aim to replace contractual agreements as we know them today with <strong>self-executing<\/strong>, fully autonomous, highly secure digital agreements that <strong>do not require a trusted<\/strong><strong>\u00a0<\/strong><strong>third party<\/strong> or intermediary.<\/p><p>They are programmed to follow a predetermined set of rules and can be used for anything from financial transactions to property transfers to insurance claims.\u00a0<\/p><p>Smart contracts exist on distributed, decentralised\u00a0<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\">Blockchain\u00a0<\/a>networks, with the majority currently on the Ethereum Blockchain. This allows them to be legitimate, trackable and irreversible, with the code controlling the execution of the contract when the terms are met.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba80bc8 elementor-widget elementor-widget-text-editor\" data-id=\"ba80bc8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><strong>EXAMPLE<\/strong><\/p><p><span style=\"color: var( --e-global-color-text ); letter-spacing: var(--letterSpacing); text-transform: var(--textTransform); background-color: var( --e-global-color-c530ec8 );\"><i>Smart contracts work a lot like vending machines, which are also programmed to produce a specific outcome based on a pre-programmed set of rules.<\/i><\/span><\/p><p><i>Put simply, if you drop the required amount of <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> into a smart contract, it will see that you have satisfied the conditions of the agreement and your candy bar, money, house ownership rights, driver\u2019s license, or whatever else\u00a0 will be released into your possession \u2013 just like a vending machine does when you put in the right amount of money.<\/i><\/p><p><i>All the rules, conditions and penalties of the agreement are pre-defined and enforced by the smart contract, and as long as the code is solid and the pre-specified terms are met, an exchange will occur between two parties in a direct, secure and efficient way that removes the need to have a fee-charging third party involved.<\/i><\/p><p><i>\u00a0<\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bec2fda elementor-widget elementor-widget-heading\" data-id=\"bec2fda\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Benefits of smart contracts<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-596e5c2 list-bg-bi elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"596e5c2\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Autonomy<\/b>: Smart contracts eradicate the need for a third-party intermediary or facilitator, giving you full control of the agreement and your assets. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Accuracy<\/b>: The contract is executed using code, reducing the risk of potential human error <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Cost<\/b>: Given that no intermediaries or fee-charging third parties are involved, the exchange will be much cheaper as smart contracts rely on computer coding which incur no cost.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Speed<\/b>: Smart contracts are self-executing and automatic, which means that any exchange of value is almost instantaneous. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Transparency<\/b>: All transactions on the Blockchain are shared and irreversibly recorded for everyone on the networking to see, ensuring an unprecedented level of trust and transparency. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Security<\/b>: A decentralised Blockchain network is much harder to hack than a centralised system. Blockchain\u2019s have trust built into the network and smart contracts offer a far more secure way to do business. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Business relationships &amp; innovation<\/b>: Cutting out the middleman allows for more direct business relationships to form, inspiring innovation beyond the usual corporate constructs. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Digital Records<\/b>: Everything is digitised, meaning records will be far easier to access and the impact on the environment will be greatly reduced. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><b>Efficiency<\/b>: Smart contracts save time normally wasted on manually processing paper documents, sending or transporting them to specific places, etc.<br>\n<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f30c481 elementor-widget elementor-widget-text-editor\" data-id=\"f30c481\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts are at the core of decentralised finance (DeFi), which you can learn more about <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\" rel=\"noopener\">here<\/a>.\u00a0<br \/><br \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6039a36 elementor-widget elementor-widget-heading\" data-id=\"6039a36\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Smart contracts &amp; the future<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-92fd90f elementor-widget elementor-widget-text-editor\" data-id=\"92fd90f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>A smart contract works on its own, but can also be implemented alongside other smart contracts to run an entire system. Hence the rise of <a href=\"https:\/\/digitalsurge.com.au\/education\/common-crypto-terms-slang\" target=\"_blank\" rel=\"noopener\">DApps (decentralised applications).\u00a0<\/a><\/p><p>The use cases of smart contracts also go far beyond just transfers of money, extending to areas of healthcare, law, real estate, supply chain management and much more. In the near future, smart contract technology will undoubtedly play a pivotal role in the future of business &amp; finance.<\/p><p>To learn more about why the world needs cryptocurrency, click <a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\" rel=\"noopener\">here<\/a>.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-397911c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"397911c\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d4616f\" data-id=\"9d4616f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-878107f elementor-widget elementor-widget-image\" data-id=\"878107f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"241\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/illustration-body.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/illustration-body.png 680w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/illustration-body-300x106.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b4d4d6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b4d4d6b\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fd03b55\" data-id=\"fd03b55\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-eac0b1b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"eac0b1b\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-bf16f1a\" data-id=\"bf16f1a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-632f9b7 elementor-widget elementor-widget-heading\" data-id=\"632f9b7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Key Takeaways\n\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-200c7a4 list-bg-bi elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"200c7a4\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Smart contracts intend to replace traditional contractual agreements with <b>self-executing<\/b>, fully autonomous, highly secure digital agreements.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Smart contracts operate based on a set of pre-programmed rules which its code defines &amp; enforces.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Smart contracts are not controlled by the user \u2013 they are deployed onto a Blockchain network &amp; operate <b>autonomously <\/b>according to their programming, offering many benefits. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Compared to regular contracts, they are more secure, transparent, autonomous, automated, efficient, accurate &amp; third party free. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Currently, most smart contracts are built on the Ethereum network, but they are in no way limited to Ethereum. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f11d0e4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f11d0e4\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f8df688\" data-id=\"f8df688\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f06defe elementor-widget elementor-widget-image\" data-id=\"f06defe\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"464\" height=\"506\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/05\/img2.png\" class=\"attachment-large size-large\" alt=\"\" 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data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dc4448a\" data-id=\"dc4448a\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d393896 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"d393896\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Ready to start trading the easy way ?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a17797 elementor-align-center gradiant-btn-bi elementor-widget elementor-widget-button\" data-id=\"4a17797\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-shrink\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Sign up with Digital Surge<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-578e4b8 elementor-widget elementor-widget-heading\" data-id=\"578e4b8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Simple. Safe. Stress-free<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cd5bcfe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cd5bcfe\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-84060e4\" data-id=\"84060e4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4210ba8 elementor-widget elementor-widget-text-editor\" data-id=\"4210ba8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\" style=\"transition: var(--transition); background-image: var(--background-decoration, none); font-style: var(--fontStyle, inherit); letter-spacing: var(--letterSpacing); text-align: inherit; text-transform: var(--textTransform); background-color: var( --e-global-color-c530ec8 );\">Di<\/a><span style=\"font-style: var(--fontStyle, inherit); letter-spacing: var(--letterSpacing); text-align: inherit; text-transform: var(--textTransform);\"><a href=\"http:\/\/digitalsurge.com.au\/\" style=\"transition: var(--transition); background-image: var(--background-decoration, none);\">g<\/a><\/span><a href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\" style=\"transition: var(--transition); background-image: var(--background-decoration, none);\">ital Surge<\/a>&nbsp;is the easiest way for Australians to&nbsp;<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\">buy, sell &amp; store over 250+ cryptocurrencies<\/a>. With extremely low fees, a uniquely user-friendly interface and a customer-support team you can rely on, getting involved in crypto has never been easier.&nbsp;<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\" style=\"transition: var(--transition); background-image: var(--background-decoration, none);\">Sign up<\/a>&nbsp;today and enjoy safe, stress-free trading.<br><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47ff817 elementor-widget elementor-widget-text-editor\" data-id=\"47ff817\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><i>Crypto-curious? The time you spend here will be the best investment you ever make.<\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-75af811 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"75af811\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-051d9ec\" data-id=\"051d9ec\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc5abc2 elementor-widget elementor-widget-heading\" data-id=\"fc5abc2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Tell me more...<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0a3397 elementor-widget elementor-widget-heading\" data-id=\"d0a3397\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-do-smart-contracts-work\">How do smart contracts work?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f91fc39 elementor-widget elementor-widget-heading\" data-id=\"f91fc39\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#real-world-examples-of-smart-contracts\">What are some real-world examples of smart contracts? <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddccbd2 elementor-widget elementor-widget-heading\" data-id=\"ddccbd2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-do-smart-contracts-utilise-cryptocurrency\">How do smart contracts utilise cryptocurrency? <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3973264 elementor-widget elementor-widget-heading\" data-id=\"3973264\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-are-smart-contracts-enforced\">How are smart contracts enforced? <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-716c09f elementor-widget elementor-widget-heading\" data-id=\"716c09f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-can-smart-contracts-be-linked-together\">How can smart contracts be linked together? <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f4588c4 elementor-widget elementor-widget-heading\" data-id=\"f4588c4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-is-a-dapp\">What is a DApp? <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9eef855 elementor-widget elementor-widget-heading\" data-id=\"9eef855\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#what-is-defi\">What is DeFi (decentralised finance)?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48f5d14 elementor-widget elementor-widget-heading\" data-id=\"48f5d14\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#how-are-smart-contracts-used-in-real-estate\">How are smart contracts used in real estate? <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea48a27 elementor-widget elementor-widget-heading\" data-id=\"ea48a27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#ethereum-and-smart-contracts\">Ethereum and smart contracts <\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dff989 elementor-widget elementor-widget-heading\" data-id=\"6dff989\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#when-were-smart-contracts-invented\">When Were Smart Contracts Invented?<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf0d57b elementor-widget elementor-widget-heading\" data-id=\"bf0d57b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"#potential-downsides-of-smart-contract\">Potential Downsides of smart contracts<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71859d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71859d3\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2a71a75\" data-id=\"2a71a75\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5244f0b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5244f0b\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b6262e6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b6262e6\" data-element_type=\"section\" id=\"content-1\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60fa4dc\" data-id=\"60fa4dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c2c293e elementor-widget elementor-widget-menu-anchor\" data-id=\"c2c293e\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-do-smart-contracts-work\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5ac06b elementor-widget elementor-widget-heading\" data-id=\"b5ac06b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How do smart contracts work?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16d3123 elementor-widget elementor-widget-text-editor\" data-id=\"16d3123\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>There are four basic components in the smart contract process:<\/p><ol><li style=\"list-style-type: none;\"><ol><li><strong>Coded Agreement<\/strong> \u2013 The code where the agreement\u2019s terms, rules and conditions are established.<\/li><li><strong>Event <\/strong>\u2013 When the terms of the agreement are met the smart contract self-executes.<\/li><li><strong>Value exchange<\/strong> \u2013 Once the contract has been executed, the value is automatically transferred to the recipient without the need for human intervention.<\/li><li><strong>Settlement<\/strong> \u2013 The transaction and any information about it is securely recorded on the Blockchain and can be seen by everyone.<\/li><\/ol><\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3912e3a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3912e3a\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-32140f9\" data-id=\"32140f9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-436ad89 elementor-widget elementor-widget-menu-anchor\" data-id=\"436ad89\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"real-world-examples-of-smart-contracts\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b03047 elementor-widget elementor-widget-heading\" data-id=\"4b03047\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What are some real-world examples of smart contracts? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-898bb34 elementor-widget elementor-widget-text-editor\" data-id=\"898bb34\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>It is hard to fathom the scope of smart contract\u2019s potential in society. Here are just a few of the use cases that smart contracts have:<\/p><ul><li>Digital identity and records<\/li><li>Property ownership<\/li><li>Loans and mortgages<\/li><li>Insurance<\/li><li>Voting<\/li><li>Medical Research<\/li><li>Cross border payments<\/li><li>Supply chain management<\/li><li>Product development<\/li><li>Stocktaking<\/li><li>Financial data recording<\/li><li>Escrow<\/li><li>Any peer-to-peer transaction<\/li><\/ul><p><strong>Let\u2019s dive into a few of these to see how they actually work.<br \/><\/strong><\/p><p><strong>Digital identity<\/strong><\/p><p>Currently, our identity is not something we have complete control or ownership over. Physical copies can easily be lost or stolen, and our digital identity rests in the hands of third parties like Facebook, Google, central banks, etc (who can (and do) share our personal information without us knowing).<\/p><p>Smart contracts can enable individuals to own and control their digital identity, while being programmed to allow for easy access and identity verification with virtually any service (banks, online shopping, border control, educational institutions, etc.) As all your information would live on an immutable and highly secure <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\">Blockchain network<\/a>, your identity would be safe and only you would have control over who has access to it.<\/p><p><strong>Voting<\/strong><\/p><p>Smart contracts will revolutionise the voting process. They can be used to validate a voter\u2018s identity, and to record their vote (without the person leaving their home). \u00a0Since the transactions within a Blockchain cannot be altered once they have been recorded, it would be impossible to manipulate this record, removing the need for any recounts.<\/p><p><strong>Supply chain management<\/strong><\/p><p>Supply chains contain a lot of links, with each link needing confirmation from the previous one. Smart contracts can greatly streamline this process while also allowing items within the supply chain to be tracked with full visibility and transparency (which is huge for corporate social responsibility if consumers are given access to this data).<\/p><p><strong>Peer-to-peer transactions<\/strong><\/p><p>A smart contract could be programmed to release funds on someone\u2019s birthday each year. Or it could be programmed to release payment once someone confirms receiving a service or delivered goods, as well as any online shopping transactions.<\/p><p><strong>Insurance<\/strong><\/p><p>Smart contracts can\u00a0greatly improve insurance claim processing (which millions of dollars are spent on every year). They could allow error checks and determine payout amounts based on a set of criteria, reducing processing times and errors while providing a highly secure and inexpensive way to buy and claim insurance.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bfa7fe1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bfa7fe1\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c5928ee\" data-id=\"c5928ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-227be0b elementor-widget elementor-widget-menu-anchor\" data-id=\"227be0b\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-do-smart-contracts-utilise-cryptocurrency\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9787d elementor-widget elementor-widget-heading\" data-id=\"0a9787d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How do smart contracts utilise cryptocurrency? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52083af elementor-widget elementor-widget-text-editor\" data-id=\"52083af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-cryptocurrency\" target=\"_blank\" rel=\"noopener\">Cryptocurrency<\/a> and smart contracts work together in ways that go beyond the realm of just digital currency. Let\u2019s take the online voting example.<\/p><p>A crypto token could be created to represent a single vote, let\u2019s call it \u2018Vote-coin\u2019. Each person would be given one Vote-coin\u00a0 and asked to send that voting token to either destination address A (candidate 1) or address B (candidate 2). \u00a0<\/p><p>Once the token had been sent and the vote cast, it would be impossible to tamper with and, at the end of the voting process we would easily see which candidate received more votes. No recounts, no fraud, just a far more efficient and secure way to vote.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ab8dac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ab8dac\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a92f8c2\" data-id=\"a92f8c2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a486f7 elementor-widget elementor-widget-menu-anchor\" data-id=\"6a486f7\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-are-smart-contracts-enforced\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-110341a elementor-widget elementor-widget-heading\" data-id=\"110341a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How are smart contracts enforced? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b54f5c elementor-widget elementor-widget-text-editor\" data-id=\"9b54f5c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts are programmed to enforce the rules pre-programmed in their code. For creation, they require:<\/p><ul><li><strong>The subject of the contract:<\/strong> The smart contract must have access to goods or services to lock and unlock them automatically.<\/li><\/ul><ul><li><strong>Digital signatures:<\/strong>\u00a0 All the participants sign the contract with their private keys (a unique digital signature they will be provided).\u00a0<\/li><\/ul><ul><li><strong>Contract terms:<\/strong>\u00a0 All participants must sign the terms of a smart contract which are usually a series of actions that will occur once certain conditions are met (e.g. an insurance claim being paid, money being released from escrow, etc.)\u00a0 technical?\u00a0<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ccdbc76 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ccdbc76\" data-element_type=\"section\" id=\"content-4\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e80480b\" data-id=\"e80480b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4c08739 elementor-widget elementor-widget-menu-anchor\" data-id=\"4c08739\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-can-smart-contracts-be-linked-together\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc2a7b5 elementor-widget elementor-widget-heading\" data-id=\"cc2a7b5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How can smart contracts be linked together? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80bb864 elementor-widget elementor-widget-text-editor\" data-id=\"80bb864\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts can be set up in a way so they are linked together and dependent on one another, which is essentially what a DApp is \u2013 more on this later. Successful completion of one smart contract can trigger the start of another one, and so on. <br \/><br \/>If done correctly, this may allow whole systems and organisations to run entirely on smart contracts. We have already seen the beginning of this implemented in cryptocurrency, where all the rules and laws of a system are pre-defined and because of that, the network can function efficiently, autonomously and without the need for any human intervention.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a6b41f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a6b41f3\" data-element_type=\"section\" id=\"content-5\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ebf1ee6\" data-id=\"ebf1ee6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a97fde elementor-widget elementor-widget-menu-anchor\" data-id=\"5a97fde\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-is-a-dapp\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fdf287 elementor-widget elementor-widget-heading\" data-id=\"5fdf287\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What is a DApp? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b8e250 elementor-widget elementor-widget-text-editor\" data-id=\"3b8e250\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>DApps are essentially a series of linked smart contracts (self-executing contracts coded to carry out a set of instructions).<\/p><p>A DApp is an app built on decentralised technology (rather than being built and controlled by a single, centralised entity or company).\u00a0<\/p><p class=\"MsoNormal\" style=\"line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">A smart contract on its own can only be used for one type of transaction, however, a DApp can combine multiple smart contracts together to do more sophisticated things, often adding a friendly interface on top of a contract in the same way that regular apps do today. They are a core building block in the world of <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\" rel=\"noopener\">decentralised finance (DeFi).<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-72e7306 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"72e7306\" data-element_type=\"section\" id=\"content-6\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2cfcf2d\" data-id=\"2cfcf2d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-283c8ad elementor-widget elementor-widget-menu-anchor\" data-id=\"283c8ad\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"what-is-defi\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-288296b elementor-widget elementor-widget-heading\" data-id=\"288296b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">What is DeFi (decentralised finance)?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fcd366 elementor-widget elementor-widget-text-editor\" data-id=\"3fcd366\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\" rel=\"noopener\">Decentralised finance<\/a> (DeFi) is a movement (that relies on DApps and smart contracts) seeking to revolutionise the way finance and business is done by recreating traditional financial services (insurance, loans, savings accounts, etc.) on Blockchain networks completely outside the control of banks, governments and companies.<\/p><p>In technical terms, DeFi is an <a href=\"https:\/\/www.benefitz.co.nz\/blog\/web\/what-is-open-source-technology\/\">open source<\/a>, permissionless and transparent financial service ecosystem that uses cryptocurrencies instead of fiat currency.<\/p><p>With DeFi, you can do most of the things that banks support \u2013 earn interest on savings, borrow, lend, buy insurance, trade derivatives, trade assets, etc. \u2013 only it\u2019s faster, cheaper, more secure, more accessible and doesn\u2019t require any paperwork or fee-charging third party.<\/p><p><a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-defi-decentralised-finance\" target=\"_blank\" rel=\"noopener\">DeFi<\/a> utilises smart contracts and DApps to allow users to maintain full control over their data and assets, enjoying a wide range of financial services while interacting with the ecosystem directly through \u00a0 and <a href=\"https:\/\/digitalsurge.com.au\/education\/common-crypto-terms-slang\" target=\"_blank\" rel=\"noopener\">DApps (decentralised applications).<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-41094a5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"41094a5\" data-element_type=\"section\" id=\"content-7\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e474428\" data-id=\"e474428\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-88aaa5e elementor-widget elementor-widget-menu-anchor\" data-id=\"88aaa5e\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"how-are-smart-contracts-used-in-real-estate\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ccb0433 elementor-widget elementor-widget-heading\" data-id=\"ccb0433\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">How are smart contracts used in real estate? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2997466 elementor-widget elementor-widget-text-editor\" data-id=\"2997466\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Selling a house can be a complicated \u00a0and daunting process. There is usually a lot of paperwork, negotiating and communicating with different companies, people and agents, as well as a degree of risk involved. For this reason, most people choose to hire a real-estate agent who deals with the paperwork, negotiations, advertising and money in escrow, acting as a trusted intermediary for the whole process as you can\u2019t really trust the person you are selling or buying from when large amounts of money are involved. \u00a0<\/p><p>While having a real estate agent can make the process a lot smoother, they will always take a substantial cut from the sale of the property, claiming a significant part of your total profit for themselves. And that\u2019s where smart contracts come in.<\/p><p>Given that <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-blockchain\" target=\"_blank\" rel=\"noopener\">Blockchain technology<\/a> and smart contracts solve the trust issue when dealing with other people, smart contracts could essentially provide all the services an agent would (minus the fee paid by the seller\u00a0) through a pre-programmed set of terms and conditions.<\/p><p>When the conditions are met, the contract will self-execute and the transfer of money for property would occur instantly, while being simultaneously witnessed and verified by everyone on the network, ensuring its legitimacy.<\/p><p>While this is a simplified version of how smart contracts actually work, the fact that they can be linked together allows them to handle highly complex situations and agreements which might include paying the house off in instalments, setting loan amounts and any other unique conditions in the exchange.<\/p><p>All\u00a0 information about the transaction would be permanently and securely stored on the Blockchain. This is just one example of how smart contracts can facilitate the exchange of money, property and virtually anything else of value.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2422ed3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2422ed3\" data-element_type=\"section\" id=\"content-8\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d4b3c4\" data-id=\"1d4b3c4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-832bf0f elementor-widget elementor-widget-menu-anchor\" data-id=\"832bf0f\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"ethereum-and-smart-contracts\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53a9663 elementor-widget elementor-widget-heading\" data-id=\"53a9663\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Ethereum and smart contracts <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-185f7df elementor-widget elementor-widget-text-editor\" data-id=\"185f7df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts and Ethereum go hand in hand. The Ethereum network was designed with smart contracts in mind and it has changed the way smart contracts work in a Blockchain environment. While Ethereum has formidable competitors, it is currently the number one choice (by far) for creating smart contracts (over 1.5 million smart contracts exist in the Ethereum ecosystem).<\/p><p>Ethereum currently uses a system called <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-bitcoin-mining-proof-of-work\/\" target=\"_blank\" rel=\"noopener\">\u2018Proof of Work\u2019<\/a>, which allows the Ethereum network to agree on the state of all information recorded on the Ethereum Blockchain, while preventing all kinds of attacks. However, when Ethereum 2.0 launches it will be switching to a more efficient <a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-proof-of-stake-pos\" target=\"_blank\" rel=\"noopener\">\u2018Proof of Stake\u2019<\/a> system which addresses some the original system\u2019s pitfalls. \u00a0\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a1dae7d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a1dae7d\" data-element_type=\"section\" id=\"content-9\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e0c15a2\" data-id=\"e0c15a2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1430194 elementor-widget elementor-widget-menu-anchor\" data-id=\"1430194\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"when-were-smart-contracts-invented\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16caf08 elementor-widget elementor-widget-heading\" data-id=\"16caf08\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">When Were Smart Contracts Invented?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53fc83d elementor-widget elementor-widget-text-editor\" data-id=\"53fc83d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>In 1994, cryptographer, Nick Szabo, birthed the idea of\u00a0being able to record contracts in the form of computer code. The contract would be\u00a0activated automatically\u00a0when certain conditions were met, removing the need for trusted third-parties.<\/p><p>However, the Blockchain didn\u2019t \u00a0exist back in 1994 and it has taken us decades to get to a point where smart contracts are beginning to be adopted and utilised by mainstream society.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-834c880 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"834c880\" data-element_type=\"section\" id=\"content-10\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9e592cc\" data-id=\"9e592cc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a2e25ae elementor-widget elementor-widget-menu-anchor\" data-id=\"a2e25ae\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"potential-downsides-of-smart-contract\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15f49ac elementor-widget elementor-widget-heading\" data-id=\"15f49ac\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Potential downsides of smart contracts<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56e06f1 elementor-widget elementor-widget-text-editor\" data-id=\"56e06f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p>Smart contracts are a very new technology, and they are by no means perfect! Here are some of the issues that developers are working to overcome:<\/p><ul><li><strong>The human factor:<\/strong>\u00a0At the end of the day, it is people who write the code. People make mistakes which can be extremely costly if the stakes are high.<br \/><br \/><\/li><li><strong>Uncertain legal\/regulatory status:<\/strong>\u00a0Currently, no government is regulating smart contracts. Only time will tell what kind of legal framework will arise around them. \u00a0<br \/><br \/><\/li><li><strong>Implementation costs:<\/strong> Smart contracts require an experienced coder to make fail-proof contracts that work with company\u2019s existing technology and processes.<\/li><\/ul><p>While there are undoubtedly drawbacks and hurdles to overcome in the world of smart contracts, most of these problems only exist because of how young the technology is.<\/p><p>The future potential of smart contracts is unfathomable and as technology improves and institutions begin to adopt this technology, we will undoubtedly see smart contracts become an integral part of society. <\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3f871f2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3f871f2\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bfb64e0\" data-id=\"bfb64e0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f9b13f elementor-widget elementor-widget-heading\" data-id=\"2f9b13f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Did this answer your question?\n\n<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a19987 elementor-widget__width-auto elementor-widget elementor-widget-shortcode\" data-id=\"1a19987\" 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elementor-top-section elementor-element elementor-element-f205a2e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f205a2e\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77ff780\" data-id=\"77ff780\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1604c13 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1604c13\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Ready to start trading the easy way ?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f5b12b elementor-align-center gradiant-btn-bi elementor-widget elementor-widget-button\" data-id=\"8f5b12b\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" class=\"elementor-button-link elementor-button elementor-size-md elementor-animation-shrink\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Sign up with Digital Surge<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0180560 elementor-widget elementor-widget-heading\" data-id=\"0180560\" data-element_type=\"widget\" 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Safe. Stress-free<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5002b05 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5002b05\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b6796e\" data-id=\"5b6796e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6837a92 elementor-widget elementor-widget-text-editor\" data-id=\"6837a92\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><a style=\"transition: var(--transition); background-image: var(--background-decoration, none); font-style: var(--fontStyle, inherit); letter-spacing: var(--letterSpacing); text-align: inherit; text-transform: var(--textTransform); background-color: var( --e-global-color-c530ec8 );\" href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\">Di<\/a><span style=\"font-style: var(--fontStyle, inherit); letter-spacing: var(--letterSpacing); text-align: inherit; text-transform: var(--textTransform);\"><a style=\"transition: var(--transition); background-image: var(--background-decoration, none);\" href=\"http:\/\/digitalsurge.com.au\/\">g<\/a><\/span><a style=\"transition: var(--transition); background-image: var(--background-decoration, none);\" href=\"http:\/\/digitalsurge.com.au\/\" target=\"_blank\" rel=\"noopener\">ital Surge<\/a>\u00a0is the easiest way for Australians to\u00a0<a href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">buy, sell &amp; store over 250+ cryptocurrencies<\/a>. With extremely low fees, a uniquely user-friendly interface and a customer-support team you can rely on, getting involved in crypto has never been easier.\u00a0<a style=\"transition: var(--transition); background-image: var(--background-decoration, none);\" href=\"https:\/\/digitalsurge.com.au\/sign-up\" target=\"_blank\" rel=\"noopener\">Sign up<\/a>\u00a0today and enjoy safe, stress-free trading.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a62d89 elementor-widget elementor-widget-text-editor\" data-id=\"9a62d89\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<p><i>Crypto-curious? The time you spend here will be the best investment you ever make.<\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-756de76 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"756de76\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e033391\" data-id=\"e033391\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b2c6d5 elementor-widget elementor-widget-heading\" data-id=\"3b2c6d5\" data-element_type=\"widget\" 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elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1312ce4 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"1312ce4\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/what-is-an-nft\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"206\" height=\"254\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/07\/NFT_visual.png\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d80ead7 elementor-section-boxed elementor-section-height-default 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data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b66c4c4 elementor-widget elementor-widget-heading\" data-id=\"b66c4c4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\">Why the world needs cryptocurrency\n<\/a><\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a8b3f36\" data-id=\"a8b3f36\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c67419b elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"c67419b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/digitalsurge.com.au\/education\/why-the-world-needs-cryptocurency\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"306\" height=\"208\" src=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/world_visual.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/world_visual.png 306w, http:\/\/3.26.50.104\/education\/wp-content\/uploads\/2021\/08\/world_visual-300x204.png 300w\" sizes=\"auto, (max-width: 306px) 100vw, 306px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_5234\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/what-is-a-smart-contract\/\"  data-item_title=\"What is a Smart Contract?\"  data-item_date=\"2021-06-04T01:10:35+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"excerpt":{"rendered":"<p>\u2190 Back What is a Smart Contract? Definition Smart contracts are self-executing digital contracts that allow some form of direct exchange between two people, without the need for a \u00a0third party like a bank or real-estate agent.\u00a0 Understanding Smart Contracts Smart contracts aim to replace contractual agreements as we know them today with self-executing, fully autonomous, highly secure digital agreements that do not require a trusted\u00a0third party or intermediary. They are programmed to follow a predetermined set of rules and can be used for anything from financial transactions to property transfers to insurance claims.\u00a0 Smart contracts exist on distributed, decentralised\u00a0Blockchain\u00a0networks,\u2026<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_5234\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/what-is-a-smart-contract\/\"  data-item_title=\"What is a Smart Contract?\"  data-item_date=\"2021-06-04T01:10:35+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-5234","page","type-page","status-publish","hentry"],"blocksy_meta":"","featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"post_excerpt_stackable":"<p>\u2190 Back What is a Smart Contract? Definition Smart contracts are self-executing digital contracts that allow some form of direct exchange between two people, without the need for a \u00a0third party like a bank or real-estate agent.\u00a0 Understanding Smart Contracts Smart contracts aim to replace contractual agreements as we know them today with self-executing, fully autonomous, highly secure digital agreements that do not require a trusted\u00a0third party or intermediary.They are programmed to follow a predetermined set of rules and can be used for anything from financial transactions to property transfers to insurance claims.\u00a0Smart contracts exist on distributed, decentralised\u00a0Blockchain\u00a0networks, with the&hellip;<\/p>\n<div class=\"likebtn_container\" style=\"\"><!-- LikeBtn.com BEGIN --><span class=\"likebtn-wrapper\"  data-identifier=\"page_5234\"  data-site_id=\"604d0dec943ec9c02d34b5d2\"  data-style=\"\"  data-unlike_allowed=\"\"  data-show_copyright=\"\"  data-item_url=\"http:\/\/3.26.50.104\/education\/what-is-a-smart-contract\/\"  data-item_title=\"What is a Smart Contract?\"  data-item_date=\"2021-06-04T01:10:35+10:00\"  data-engine=\"WordPress\"  data-plugin_v=\"2.6.36\"  data-prx=\"http:\/\/3.26.50.104\/education\/wp-admin\/admin-ajax.php?action=likebtn_prx\"  data-event_handler=\"likebtn_eh\" ><\/span><!-- LikeBtn.com END --><\/div>","category_list":"","author_info":{"name":"user","url":"http:\/\/3.26.50.104\/education\/author\/user\/"},"comments_num":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Smart Contract? - Crypto Simple<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/3.26.50.104\/education\/what-is-a-smart-contract\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Smart Contract? - Crypto Simple\" \/>\n<meta property=\"og:description\" content=\"\u2190 Back What is a Smart Contract? Definition Smart contracts are self-executing digital contracts that allow some form of direct exchange between two people, without the need for a \u00a0third party like a bank or real-estate agent.\u00a0 Understanding Smart Contracts Smart contracts aim to replace contractual agreements as we know them today with self-executing, fully autonomous, highly secure digital agreements that do not require a trusted\u00a0third party or intermediary. 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