The term “smart contract” sounds rather geeky and confusing but smart contracts are fairly straightforward to understand if explained the right way. Hang around until the end of the video and you will be able to explain them to anyone using real life examples. To understand how smart contracts work, we use examples of both normal contracts and smart contracts. By normal contracts we mean the contracts that are part of everyday life, for example real estate contracts, insurance contracts, employment contracts etc. We then compare how the normal contract is different from a smart contract using the same real life example.
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