Blockchain is a decentralized digital ledger that records transactions in a permanent, immutable format following a 'write once, read many' principle, where all participants can access the same copy of the data; smart contracts are self-executing digital agreements that enable paperless transactions, such as rental contracts, by automatically enforcing terms when predefined conditions are met.
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What Is Blockchain? Explained in 30 Seconds | Smart Contracts & Paperless Agreements本站添加:
Hey, what exactly is blockchain?
>> Think of it like a ledger, but once you write something, it can't be changed.
>> So, it's like write once, read many?
>> Exactly. And everyone can see the same copy.
>> Now, that means the rental agreements can go fully paperless?
>> Yes, but for that, you need something called a smart contract.
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