REAL CLEAR CRYPTO: Crypto Basics – What are Smart Contracts?


By Sarson Funds, Inc.

Smart contracts are computer protocols that facilitate, verify, and enforce the negotiation of a contract. They can be used for a wide range of digital transactions such as financial exchanges, online auctions, land registry records, and more. Smart contracts use bitcoin’s blockchain technology to create immutable chains of transactions that cannot be reversed or disputed. This allows parties to trust each other without having to rely on third-party intermediaries like banks or brokers. Smart contracts allow people to send and receive BTC quickly, securely, and without fear of tampering or fraud. In essence, they offer a unique combination of security and convenience that makes them invaluable in today’s digital landscape.

By using smart contracts instead of conventional legal methods for contractual agreements between two parties, disputes can be resolved quickly and without the need for costly mediation or arbitration. Smart contracts are also becoming increasingly popular in other industries such as e-commerce, real estate, insurance, and healthcare due to their efficiency and ability to reduce risks associated with traditional legal methods.

Overall, smart contracts offer a secure and efficient alternative to traditional contractual agreements while allowing parties to take part in transactions digitally. This vastly increases the speed at which transactions occur and helps reduce costs associated with dispute resolution or fraud prevention.

Watch this video for more information on smart contracts:

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