Smart Contracts

In so-called smart contracts – “intelligent contracts” – these are programs or protocols that partially or fully execute contractual clauses by themselves. Smart contracts are based on blockchain technology and thus provide an increased level of security. An example application for a smart contract would be the automated payment for goods: If the program learns through an interface with the warehouse, for example, that the goods have been scanned, it initiates the payment for the goods as contractually agreed. With the help of smart contracts, both higher contractual security and a reduction in transaction costs are to be achieved.