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03 April 2019 · Article

Smart Contracts in a Paper World

Smart contracts are defined as programming code that can verify, execute and enforce a set of instructions. This code relies on a predetermined set of input triggers. When the input triggers are met, then the transaction of the smart contract is fully executed (Nissen, Haller Grønbæk, 2017).

Smart contracts and blockchain technology are both immutable and decentralized. All users of the blockchain validate the outcome of the smart contract.

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