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The Way Forward With Blockchain And Smart Contracts - MaGIC Sarawak

Home / EVENTS

The Way Forward With Blockchain And Smart Contracts - MaGIC Sarawak

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.You can use smart contracts for all sort of situations that range from financial derivatives to insurance premiums, breach contracts, property law, credit enforcement, financial services, legal processes and crowdfunding agreements.Join this session by Reuben Yap of Zcoin at MaGIC Sarawak @ Borneo744 to learn more on smart contracts.Key Takeaways: Acquire deep understanding on how smart contracts works Gain understanding of the role of cryptocurrency in smart contract systems Recognizing examples of the notable type of implementation for smart contracts.Who Should Attend: Aspiring entrepreneurs Startups Students Programmer Corporate Procurement

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Home / EVENTS

The Way Forward With Blockchain And Smart Contracts - MaGIC Sarawak

Aug 9, 2018 12:00 AM

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12:00 am

MaGIC Sarawak @ Borneo 744

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Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.You can use smart contracts for all sort of situations that range from financial derivatives to insurance premiums, breach contracts, property law, credit enforcement, financial services, legal processes and crowdfunding agreements.Join this session by Reuben Yap of Zcoin at MaGIC Sarawak @ Borneo744 to learn more on smart contracts.Key Takeaways: Acquire deep understanding on how smart contracts works Gain understanding of the role of cryptocurrency in smart contract systems Recognizing examples of the notable type of implementation for smart contracts.Who Should Attend: Aspiring entrepreneurs Startups Students Programmer Corporate Procurement

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