From the course: Blockchain Programming in iOS Using Swift
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Understanding smart contracts
From the course: Blockchain Programming in iOS Using Swift
Understanding smart contracts
- [Instructor] Hello and welcome back. In this lecture, we'll be talking about what exactly are smart contracts, and how smart contracts can be applied to the real world applications. The concept of smart contract was first introduced by the Ethereum blockchain app platform. Now, Ethereum is a company behind the ether cryptocurrency, which is the second most popular cryptocurrency, right behind the bitcoin. We already know what the blockchain is, it's just different blocks being connected together, forming a chain, and each block can contain a transactions, which can be a transaction about financial terms, or transaction about insurance, kind of transaction about medical records, and so on. A smart contract is just a piece of code that lives and resides on the blockchain itself. Hm, that sounds confusing, right? So let's take an example of car insurance. Let's say that we have a blockchain of car insurance company which manages all the records for the different people who get the car…
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