SMART CONTRACTS AND BUSINESS DECISION

Abstract

In the last 10 years the blockchain technology has become mainstream research topic because of its features that offers, as: decentralized system, peer to peer (P2P) transaction, distributed consensus, and anonymity properties. Also, the blockchain technology overshadows regulatory problem and technical challenges and one of the opportunities that offers the blockchain technology is the 'smart contract'. A smart contract is a set of programs that can be much better from the traditional contracts for some features which are self-verifying, self-executing and tamper resistant. Also, smart contract with the integration of blockchain technology without which cannot function, is capable of doing a task in real time with very low cost and provide a greater degree of high security level. The aim of this paper is to explain the concept of the smart contract and its components and function. The paper is aimed at presenting the issue of smart contract, blockchain technology. The specific focus was on the application of smart contracts in real estate.