A Smart Contract is like no other contract in the world, it’s Code is Law. These cannot be altered or changed in any way once they are completed. No government, lawyer or banker can control it. As far as that goes, even hackers cannot get into a contract and remove or change any of the contents. Once a Smart Contract is made and put on the block-chain it is final, even the creator of the contract cannot make any changes to it. This is what Decentralized means, completely eliminating any human factor from making any kind of decisions to the contract.
A Smart Contract even has the capabilities of receiving, storing and sending currency, even with another smart contract. When you don’t have to deal with a third party, it makes the contract not only secure, but fast. It can be completed any time of the day, seven days a week. This makes it not only transparent, but also very cost efficient. Also, a smart contract can be sold over and over again. I could sell one to someone, and that person could sell it to another person, and that person can sell it, and we could do this over and over as many times as we wanted. Tens, hundreds, even a thousand times over, it is endless.
The Smart Contract that Forsage uses is with the Ethereum Block-chain. Four computers from around the world needs to verify the transaction before it is complete. These four computers (called miners) can be anywhere, in any country, or all in the same country. No one knows which computer is going to approve the transaction. That is what makes the block-chain so secure, so trusting, so powerful.
WHAT THE FUTURE HOLDS;
As shown in the above picture, the future of these contracts are going to be in big demand. Bankers, lawyers, medical services, insurance companies and real estate brokers are just a fraction of the people that will be using this incredible contract of the future. Once it’s gone through the block-chain, a record of that transaction will always be available to verify its existence. These contracts have a very, very bright future.
For more about Forsage Ethereum Smart Contracts go to; https://rcpryce.com/forsage-eth-ethereum-matrix/