·6 min read
We’re sure you have heard about smart contracts and blockchain technology, along with all the ways that you can incorporate them into your business model. Over the past 2 years, blockchain technology has been adopted at an extraordinarily rapid pace with $6.6 billion in spending in 2021, and expectations of that to be almost double that at the close of 2022.
But, at the center of many of the existing and potential use cases sits a pillar of blockchain technology that is often misunderstood: smart contracts.
What is a smart contract and why are they the latest rage?
Smart contracts are pieces of on-chain code that are designed to automatically execute a set of instructions once certain conditions are met. The code and the agreements contained therein exist across a distributed, decentralized network.
Sounds cool. But what does that mean?
A clear and easy way to understand the functionality of a