Smart Contracts: A Digital Middleman
“Smart contracts” are digitized, self-executing agreements that may reduce or, eventually, eliminate the need for courts to enforce certain agreements. Now in the early stages of development, the idea has been around since 1994. Two start-ups, Codius and Ethereum, are working on systems that aim to make smart contracts a reality. Smart contracts are more than a standard “auto-pay” function. Through the use of cryptocurrency, or decentralized currency, Codius and Ethereum seek to significantly lower…