Smart Contracts – Ethereum's Bailiwick – How Do They Really Work?

Finding Genius Podcast

Richard Jacobs

Medicine, Health & Fitness

4.4 • 1K Ratings

🗓️ 14 July 2017

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you look at the way many banks and asset manager backends function, internally, there are many different departments. And each department has its own copy of a contract it needs to execute on. They each have their own copy because even internally, departments don't trust one another to execute the contract according to their own interests.
It's an issue of trust. But now, there is a solution. There is a way to de-risk the contract.
A smart contract is one you can trust, one that executes in a tamper-proof manner. It executes this way because it's run on a decentralized infrastructure: none of the parties involved can modify its operation.
Hit play to learn more about smart contracts. Be sure to subscribe, review, and if you can, consider donating some Bitcoin to the cause.

Transcript

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0:48.0	the Corner of Future Technology Podcasts with Richard Jacobs. Future Technologies always to transform
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1:11.5	Hi, this is Richard Jacob with Future Tech Podcast.
1:15.2	My guest today is Sergei Nazarov.
1:17.7	We're going to be talking about smart contracts and smartcontracts.com.
1:22.3	Sergey, how are you doing?
1:23.7	I'm good, Richard. How are you?
1:25.6	Good. Thanks for coming.
1:26.9	Yeah, so I think I understand smart contracts a little bit, but there are a very new concept.
1:33.9	Can you explain to listeners what a smart contract is, how it works, and then we'll get into your company in particular?
	...

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