Typically, you would go to a lawyer, spend a lot of money and wait for days for the contract to be drafted and agreed upon by both parties. With Smart Contracts, you can do this same process through blockchain. Suppose you want to rent an apartment from me. You get a receipt which is held in our virtual contract; I give you the digital entry key which comes to you by a specified date. If the key doesn’t come on time, the blockchain releases a refund. If I send the key before the rental date, the function holds it, releasing both the fee and key to you and me respectively when the date arrives. The system works on the If-Then premise and is witnessed by hundreds of people, so you can expect a faultless delivery. If I give you the key, I’m sure to be paid. If you send the amount defined in the contract, you receive the key. The document is automatically canceled after the time, and neither of us can interfere with the code without the other knowing since all participants are simultaneously alerted.
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