The Crypto Korner #14 // The newsletter to learn about Blockchain, crypto and web3

Hi, I'm?Javier Perez?(Linkedln/Twitter), a Blockchain enthusiast. Welcome to our newsletter where we talk about blockchain, crypto and web3.

It is essential to understand the key elements that make up the blockchain, without which Blockchain technology would be useless or meaningless. Because of this, it is so important to know the elements that make up the Blockchain to understand its operation.

In today's article we are gonna explain the 6th and last concept of these Blockchain elements.

So, let's begin with the class:

Blockchain Elements #6 Smart Contracts

In recent years, blockchain technology has revolutionized the way we approach many centralized processes and applications. Among these innovations are smart contracts, which aim to simplify processes, eliminate intermediaries, and save costs for consumers.

Smart contracts are pieces of computer code recorded on a blockchain that cannot be deleted or edited, providing a transparent, immutable, and secure way to execute actions following pre-programmed parameters. They work similarly to conventional contracts by defining the interaction that will take place between parties involved. However, unlike traditional contracts, smart contracts do not require intermediaries such as lawyers or notaries to enforce the agreement.

Because smart contracts are based on computer codes called scripts, which cannot be changed once established, they are self-executing and not subject to interpretation by parties involved. They can be created by individuals, legal entities, or even autonomous machines, making them valid without depending on authorities.

One of the key benefits of smart contracts is their distributed nature, which avoids centralization, bureaucracy, and censorship. With the help of developers, smart contracts have the potential to build a fairer and more balanced world.

In summary, smart contracts are a revolutionary innovation in blockchain technology that aims to simplify processes, eliminate intermediaries, and save costs for consumers. Their self-executing nature and distributed structure offer a transparent, immutable, and secure way to enforce agreements, paving the way for a fairer and more balanced world.