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00:00So, smart contracts are contracts which, dare I say it, are smart.
00:07They aid you in transferring something of value, such as property or shares, in a transparent
00:15yet secure way, making the whole process super efficient, whilst eliminating an often expensive
00:24and time-consuming middle party.
00:28Let me give you an example here, because you'll then be able to understand exactly how the
00:35blockchain works in a theoretical way when it comes to smart contracts.
00:39Now, let's say I'm purchasing your home.
00:44You're tired of living where you do, and you want to sell and move.
00:49And I'm going to be buying it, so you're moving, I'm buying your home.
00:54Now, this transaction will be handled through the blockchain, and I'll be paying with,
00:59let's say, Bitcoin.
01:02Once I've paid, I get a receipt of that transaction, which is held in a virtual smart contract.
01:11Then you give me the entry key, which comes to me by a date that we specified beforehand.
01:19Now, if you decide that you no longer want to sell the house to me, and cut off all communications,
01:27hence me not getting the key, the blockchain will automatically issue me a refund on the
01:34date that the key should have arrived.
01:39If however, I get the digital key beforehand, the blockchain contract holds this until the
01:46date we agreed, hence us both getting what we wished on the date within the contract.
01:53You the cash, and me the key.
01:55Now, as the blockchain is peer-to-peer technology, this contract is witnessed by many nodes,
02:03ensuring that the obligations in the contract are complied with, and no part of the contract
02:11can be altered once created.
02:13And if someone is audacious enough to try and alter it, all the parties will be notified.
02:21This is when the issue will be fixed.
02:24Now, I've given you an example there in regards to us buying and selling a property,
02:30but this sort of agreement could be put into place for the transfer of shares, let's say
02:37car insurance, property insurance, and so much more.
02:42Now let me go over 7 key, well let's say selling points of smart contracts, before
02:49ending on this lecture and moving on to the practical aspects of this course.
02:54The first reason smart contracts are so raved about is down to autonomy.
03:00Smart contracts can't be manipulated by a third party, because you're going to be
03:05the one making the agreement.
03:08You don't need to rely heavily on a lawyer, as many of us do now when it comes to contractual
03:14obligations.
03:16The second reason people love or will start to love smart contracts is because of trust.
03:23It's impossible to lose it.
03:26These smart contracts are encrypted and stored on a shared ledger, so as I mentioned, you'll
03:32never run into any issue of losing it.
03:37Now this reason links to the last, and it's backups.
03:40So you personally can trust smart contracts, because they are backed up.
03:46You'll never run into the issue of one copy being lost, hence losing the contract.
03:52That won't happen.
03:54Next up we have safety, which once again links to the last two.
04:00So your contracts will be secured by the power of cryptography.
04:05This once again links back to trust, because you can trust the power and security of cryptography.
04:12It will be near impossible for a smart contract to be hacked.
04:19The fifth reason smart contracts excel is due to the speed in which they're deployed.
04:25Traditional contractual processes take a large amount of time to actually go through
04:30the chain, because there's so many third party people involved.
04:35Whereas code helps smart contracts excel, saving a lot of time helping deals get completed
04:42far quicker.
04:45The sixth reason smart contracts work and gets many excited is because it helps save
04:51us money.
04:52For deals where a contract is needed, we won't have to employ the services of expensive
04:58lawyers.
04:59We can just utilise this smart contract technology.
05:04And finally, a big point I'd like to mention is accuracy.
05:08As long as all the details are put in correctly, the accuracy with contracts being fulfilled
05:14is far greater than is currently done.
05:18So those are the seven reasons as to why smart contracts are the way forward.
05:23We've got autonomy, trust, backups, safety, speed, saves money and accuracy.
05:35That's now everything for this lecture and in this section.
05:39In the following section, I'll hand you over to Thomas, who will get you started on all
05:44of the practical elements of creating your decentralised blockchain application.