Today’s world is one where things such as smart watches, delivery by drones, bots for chatting, live streaming exist, and such things have become part of our everyday life. But at the same time, there are also technologies which while existing, are not in the common parlance and not as well-known as the others. Companies which are just starting up can make sure that they properly embrace innovation are often the ones who keep an eye on the horizon and keep a keen eye on what the next innovation would be.
That innovation could be a smart contracts which is a contract which is enforced through the technology of block-chain which automatically makes sure that the transactions are managed and the records are kept accurate. Such technologies removes the requirement for the involvement of third parties which may include escrow companies, which are often included in transactions such as the buying or selling of houses or cars. In laymen’s terms, these are smart computer programs which can execute the contract without there being any need for human intervention