Chapter
The Use of Smart Contracts in Payment and Performance Verification
33:52 - 37:51 (03:59)
Smart contracts in blockchain technology can automate the process of verifying and performing contractual deals, especially for financial conditions. It operates based on protocols that standardize how computers exchange information with each other.
Clips
This podcast episode discusses the role of verification and automation in contract law, using the example of a vending machine to illustrate the concept of verifying a performance.
33:52 - 35:57 (02:05)
Summary
This podcast episode discusses the role of verification and automation in contract law, using the example of a vending machine to illustrate the concept of verifying a performance. It also explains how smart contracts can automate payments and financial conditions in contracts.
ChapterThe Use of Smart Contracts in Payment and Performance Verification
Episode#244: The Quiet Master of Cryptocurrency -- Nick Szabo
PodcastThe Tim Ferriss Show
Bitcoin multisigs could be used in situations like buying a house where inspections need to be done to automate the escrow process.
35:57 - 37:02 (01:05)
Summary
Bitcoin multisigs could be used in situations like buying a house where inspections need to be done to automate the escrow process. Smart contracts can also be used to automate financial transactions as much as possible.
ChapterThe Use of Smart Contracts in Payment and Performance Verification
Episode#244: The Quiet Master of Cryptocurrency -- Nick Szabo
PodcastThe Tim Ferriss Show
The use of cryptocurrencies like Bitcoin and Ethereum can be seen as the adoption of new protocols for exchanging information, as protocols dictate how computers exchange information.
37:02 - 37:51 (00:49)
Summary
The use of cryptocurrencies like Bitcoin and Ethereum can be seen as the adoption of new protocols for exchanging information, as protocols dictate how computers exchange information. TCP, IP, HTTP, and SMTP are examples of protocols used in the internet.