A smart contract is a function used to run applications and services on the platform.
Vending machines are often used as examples of smart contracts.
A contract that automatically provides a specific beverage to the user only when the two contract conditions “the user inputs the required amount” and “the button for the specific beverage is pressed” are met.
In this way, the contract here refers not only to the contract created in writing but to the entire trading behavior.
A smart contract is an essential function for progressing the social implementation of blockchain. Various mechanisms can be realized with a blockchain that goes beyond simple payments.
Transaction data can be recorded on a blockchain that cannot be tampered with, resulting in a safe transaction.
However, it is difficult to use it for business transactions currently.
The reason for this lies in the high transparency that is a feature of blockchain. This means that the smart contract code itself, and the details of the transaction will be disclosed to third parties.
QURAS has incorporated a specific technology to solve this problem — anonymous technology. We will say more about it in the next blog post.